Alexandria Real Estate Equities (ARE) 10-K 27 Jan 25 2024 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2024	Jan. 15, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Entity File Number	1-12993
Entity Registrant Name	ALEXANDRIA REAL ESTATE EQUITIES, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	95-4502084
Entity Address, Address Line One	26 North Euclid Avenue
Entity Address, City or Town	Pasadena
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91101
City Area Code	626
Local Phone Number	578-0777
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	ARE
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 20.3
Entity Common Stock, Shares Outstanding		173,091,762
Documents Incorporated by Reference	Documents Incorporated by Reference Part III of this annual report on Form 10-K incorporates certain information by reference from the registrant’s definitive proxy statement to be filed within 120 days of the end of the fiscal year covered by this annual report on Form 10-K in connection with the registrant’s annual meeting of stockholders to be held on or about May 13, 2025 .
Entity Central Index Key	0001035443
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Document Transition Report	false

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Los Angeles, California
Auditor Firm ID	42

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets
Investments in real estate	$ 32,110,039	$ 31,633,511
Investments in unconsolidated real estate joint ventures	39,873	37,780
Cash and cash equivalents	552,146	618,190
Restricted cash	7,701	42,581
Tenant receivables	6,409	8,211
Deferred rent	1,187,031	1,050,319
Deferred leasing costs	485,959	509,398
Investments	1,476,985	1,449,518
Other assets	1,661,306	1,421,894
Total assets	37,527,449	36,771,402
Liabilities, Noncontrolling Interests, and Equity
Secured notes payable	149,909	119,662
Unsecured senior notes payable	12,094,465	11,096,028
Unsecured senior line of credit and commercial paper	0	99,952
Accounts payable, accrued expenses, and other liabilities	2,654,351	2,610,943
Dividends payable	230,263	221,824
Total liabilities	15,128,988	14,148,409
Commitments and contingencies
Redeemable noncontrolling interests	19,972	16,480
Alexandria Real Estate Equities, Inc.’s stockholders’ equity:
Common stock, $0.01 par value per share, $400,000,000 shares authorized as of December 31, 2024 and 2023; 172,203,443 and 171,910,599 shares issued and outstanding as of December 31, 2024 and 2023, respectively	1,722	1,719
Additional paid-in capital	17,933,572	18,485,352
Accumulated other comprehensive loss	(46,252)	(15,896)
Alexandria Real Estate Equities, Inc.’s stockholders’ equity	17,889,042	18,471,175
Noncontrolling interests	4,489,447	4,135,338
Total equity	22,378,489	22,606,513
Total liabilities, noncontrolling interests, and equity	$ 37,527,449	$ 36,771,402

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parentheticals)	Dec. 31, 2024 $ / shares shares
Statement of Financial Position [Abstract]
Common Stock, Par or Stated Value Per Share | $ / shares	$ 0.01
Shares of common stock authorized	400,000,000
Common stock, outstanding (shares)	172,203,443
Common stock, issued (shares)	172,203,443

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Total revenues	$ 3,116,394	$ 2,885,699	$ 2,588,962
Expenses:
Rental operations	909,265	859,180	783,153
General and administrative	168,359	199,354	177,278
Interest	185,838	74,204	94,203
Depreciation and amortization	1,202,380	1,093,473	1,002,146
Impairment of real estate	223,068	461,114	64,969
Loss on early extinguishment of debt	0	0	3,317
Total expenses	2,688,910	2,687,325	2,125,066
Equity in earnings of unconsolidated real estate joint ventures	7,059	980	645
Investment loss	(53,122)	(195,397)	(331,758)
Gain on sales of real estate	129,312	277,037	537,918
Net income	510,733	280,994	670,701
Net income attributable to noncontrolling interests	(187,784)	(177,355)	(149,041)
Net income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	322,949	103,639	521,660
Net income attributable to unvested RSAs with nonforfeitable rights to dividends	(13,394)	(11,195)	(8,392)
Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders	$ 309,555	$ 92,444	$ 513,268
Earnings per share - basic (USD per share)	$ 1.80	$ 0.54	$ 3.18
Earnings per share - diluted (USD per share)	$ 1.80	$ 0.54	$ 3.18
Income from rentals
Total revenues	$ 3,049,706	$ 2,842,456	$ 2,576,040
Other income
Total revenues	$ 66,688	$ 43,243	$ 12,922

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 510,733	$ 280,994	$ 670,701
Unrealized (losses) gains on foreign currency translation:
Unrealized foreign currency translation (losses) gains arising during the period	(29,719)	4,916	(13,518)
Reclassification adjustment for gains included in net income	(637)	0	0
Unrealized (losses) gains on foreign currency translation, net	(30,356)	4,916	(13,518)
Total other comprehensive (loss) income	(30,356)	4,916	(13,518)
Comprehensive income	480,377	285,910	657,183
Less: comprehensive income attributable to noncontrolling interests	(187,784)	(177,355)	(149,041)
Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	$ 292,593	$ 108,555	$ 508,142

Consolidated Statement of Chang

Consolidated Statement of Changes in Stockholders' Equity and Noncontrolling Interests - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interests	Redeemable Noncontrolling Interests
Beginning balance (shares) at Dec. 31, 2021		158,043,880
Beginning balance at Dec. 31, 2021	$ 19,023,638	$ 1,580	$ 16,195,256	$ 0	$ (7,294)	$ 2,834,096
Increase (Decrease) in Stockholders' Equity
Net income	669,896			521,660		148,236
Total other comprehensive income (loss)	(13,518)				(13,518)
Contributions from and sales of noncontrolling interests	1,560,129		649,623			910,506
Distributions to and redemption of noncontrolling interests	(191,701)		(111)			(191,590)
Issuance of common stock (in shares)		12,250,645
Issuance of common stock	2,346,444	$ 123	2,346,321
Issuances pursuant to stock plan (in shares)		749,101
Issuance pursuant to stock plan	109,224	$ 7	109,217
Taxes paid related to net settlement of equity awards (in shares)		(295,231)
Taxes related to net settlement of equity awards	(47,451)	$ (3)	(47,448)
Dividends declared on common stock	(783,026)			(783,026)
Reclassification of distributions in excess of earnings	0		(261,366)	261,366
Ending balance (shares) at Dec. 31, 2022		170,748,395
Ending balance at Dec. 31, 2022	22,673,635	$ 1,707	18,991,492	0	(20,812)	3,701,248
Beginning balance at Dec. 31, 2021							$ 9,612
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income							805
Contributions from and sales of noncontrolling interests							0
Distributions to and redemption of noncontrolling interests							(805)
Ending balance at Dec. 31, 2022							9,612
Increase (Decrease) in Stockholders' Equity
Net income	280,070			103,639		176,431
Total other comprehensive income (loss)	4,916				4,916
Contributions from and sales of noncontrolling interests	542,589		33,896			508,693
Distributions to and redemption of noncontrolling interests	(243,268)		0			(243,268)
Transfer of noncontrolling interests	(7,766)					(7,766)
Issuance of common stock (in shares)		699,274
Issuance of common stock	103,846	$ 7	103,839
Issuances pursuant to stock plan (in shares)		798,729
Issuance pursuant to stock plan	156,265	$ 8	156,257
Taxes paid related to net settlement of equity awards (in shares)		(335,799)
Taxes related to net settlement of equity awards	(43,598)	$ (3)	(43,595)
Dividends declared on common stock	(860,176)			(860,176)
Reclassification of distributions in excess of earnings	$ 0		(756,537)	756,537
Ending balance (shares) at Dec. 31, 2023	171,910,599	171,910,599
Ending balance at Dec. 31, 2023	$ 22,606,513	$ 1,719	18,485,352	0	(15,896)	4,135,338
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income							924
Contributions from and sales of noncontrolling interests							35,250
Distributions to and redemption of noncontrolling interests							(37,072)
Transfer of noncontrolling interest							7,766
Ending balance at Dec. 31, 2023	16,480						16,480
Increase (Decrease) in Stockholders' Equity
Net income	509,643			322,949		186,694
Total other comprehensive income (loss)	(30,356)				(30,356)
Contributions from and sales of noncontrolling interests	413,412		8,396			405,016
Distributions to and redemption of noncontrolling interests	(272,233)		(8,084)			(264,149)
Transfer of noncontrolling interests	(3,637)					(3,637)
Reallocation of capital to joint venture partner	0		30,185			30,185
Issuance of common stock (in shares)		229,558
Issuance of common stock	27,103	$ 2	27,101
Issuances pursuant to stock plan (in shares)		951,195
Issuance pursuant to stock plan	129,298	$ 10	129,288
Taxes paid related to net settlement of equity awards (in shares)		(391,633)
Taxes related to net settlement of equity awards	(44,151)	$ (4)	(44,147)
Repurchase of common stock (in shares)		(496,276)
Repurchase of common stock	(50,107)	$ (5)	(50,102)
Dividends declared on common stock	(906,996)			(906,996)
Reclassification of distributions in excess of earnings	$ 0		(584,047)	584,047
Ending balance (shares) at Dec. 31, 2024	172,203,443	172,203,443
Ending balance at Dec. 31, 2024	$ 22,378,489	$ 1,722	$ 17,933,572	$ 0	$ (46,252)	$ 4,489,447
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income							1,090
Contributions from and sales of noncontrolling interests							0
Distributions to and redemption of noncontrolling interests							(1,235)
Transfer of noncontrolling interest							3,637
Ending balance at Dec. 31, 2024	$ 19,972						$ 19,972

Consolidated Statement of Cha_2

Consolidated Statement of Changes in Stockholders' Equity and Noncontrolling Interests (Parentheticals) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Common stock dividends declared (per share)	$ 5.19	$ 4.96	$ 4.72

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating Activities
Net income	$ 510,733	$ 280,994	$ 670,701
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,202,380	1,093,473	1,002,146
Impairment of real estate	223,068	461,114	64,969
Gain on sales of real estate	(129,312)	(277,037)	(537,918)
Loss on early extinguishment of debt	0	0	3,317
Equity in earnings of unconsolidated real estate joint ventures	(7,059)	(980)	(645)
Distributions of earnings from unconsolidated real estate joint ventures	2,982	3,257	3,374
Amortization of loan fees	17,130	15,486	13,549
Amortization of debt discounts	1,309	1,207	384
Amortization of acquired above- and below-market leases	(85,679)	(93,331)	(74,346)
Deferred rent	(143,329)	(133,917)	(118,003)
Stock compensation expense	59,634	82,858	57,740
Investment loss	53,122	195,397	331,758
Changes in operating assets and liabilities:
Tenant receivables	1,766	(102)	(273)
Deferred leasing costs	(108,346)	(109,339)	(181,322)
Other assets	(37,052)	798	(18,960)
Accounts payable, accrued expenses, and other liabilities	(56,823)	110,672	77,850
Net cash provided by operating activities	1,504,524	1,630,550	1,294,321
Investing Activities
Proceeds from sales of real estate	1,220,206	1,195,743	994,331
Additions to real estate	(2,422,625)	(3,418,296)	(3,307,313)
Purchases of real estate	(248,699)	(265,750)	(2,877,861)
Change in escrow deposits	3,864	(5,582)	155,968
Investments in unconsolidated real estate joint ventures	(3,927)	(658)	(1,442)
Return of capital from unconsolidated real estate joint ventures	2,916	0	471
Additions to non-real estate investments	(236,357)	(189,472)	(242,932)
Sales of and distributions from non-real estate investments	173,927	183,396	198,320
Net cash used in investing activities	(1,510,695)	(2,500,619)	(5,080,458)
Financing Activities
Borrowings under secured notes payable	29,919	59,957	49,715
Repayments of borrowings under secured notes payable	(32)	(30)	(934)
Payment for the defeasance of secured note payable	0	0	(198,304)
Proceeds from issuances of unsecured senior notes payable	998,806	996,205	1,793,318
Borrowings under unsecured senior line of credit	0	1,245,000	1,181,000
Repayments of borrowings under unsecured senior line of credit	0	(1,245,000)	(1,181,000)
Proceeds from issuances under commercial paper program	13,010,600	9,234,000	14,641,500
Repayments of borrowings under commercial paper program	(13,110,600)	(9,134,000)	(14,911,500)
Payments of loan fees	(35,871)	(16,047)	(35,612)
Taxes paid related to net settlement of equity awards	(62,413)	(24,592)	(47,289)
Proceeds from issuance of common stock	27,103	103,846	2,346,444
Repurchase of common stock	(50,107)	0	0
Dividends on common stock	(898,557)	(847,483)	(757,742)
Contributions from and sales of noncontrolling interests	306,473	547,391	1,542,347
Distributions to and purchases of noncontrolling interests	(308,636)	(245,091)	(192,171)
Net cash (used in) provided by financing activities	(93,315)	674,156	4,229,772
Effect of foreign exchange rate changes on cash and cash equivalents	(1,438)	(1,291)	(887)
Net (decrease) increase in cash, cash equivalents, and restricted cash	(100,924)	(197,204)	442,748
Cash, cash equivalents, and restricted cash as of the beginning of period	660,771	857,975	415,227
Cash, cash equivalents, and restricted cash as of the end of period	559,847	660,771	857,975
Supplemental Disclosure and Non-Cash Investing and Financing Activities:
Cash paid during the period for interest, net of interest capitalized	160,082	46,583	63,193
Accrued construction for current-period additions to real estate	465,611	629,351	561,538
Contribution of assets from and issuance of noncontrolling interest to real estate joint venture partner	106,941	33,250	19,146
Transfer of real estate assets and/or equipment from tenants	129,154	31,310	0
Reallocation of additional paid-in-capital to consolidated joint venture partner’s non-controlling interest	30,185	0	0
Notes Issued	104,166	0	0
Initial recognition of right-of-use asset and lease liability	265,203	0	21,776
Payable for purchase of noncontrolling interest	$ 0	$ (35,250)	$ 0

Organization and basis of prese

Organization and basis of presentation (Notes)	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and basis of presentation	ORGANIZATION AND BASIS OF PRESENTATION Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500 ® life science REIT, is the pioneer of the life science real estate niche since its founding in 1994. Alexandria is the preeminent and longest-tenured owner, operator, and developer of collaborative Megacampus ™ ecosystems in AAA life science innovation cluster locations, including Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle, and New York City. As of December 31, 2024 , Alexandria has a total market capitalization of $29.0 billion and an asset base in North America that includes 39.8 million RSF of operating properties and 4.4 million RSF of Class A/A+ properties undergoing construction . As used in this annual report on Form 10-K, references to the “Company,” “Alexandria,” “ARE,” “we,” “us,” and “our” refer to Alexandria Real Estate Equities, Inc. and its consolidated subsidiaries. The accompanying consolidated financial statements include the accounts of Alexandria Real Estate Equities, Inc. and its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated. Any references to our total market capitalization, number or quality of buildings or tenants, quality of location, square footage, number of leases, or occupancy percentage, and any amounts derived from these values in these notes to consolidated financial

Summary of significant accounti

Summary of significant accounting policies	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of significant accounting policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Consolidation On an ongoing basis, as circumstances indicate the need for reconsideration, we evaluate each legal entity that is not wholly owned by us in accordance with the consolidation accounting guidance. Our evaluation considers all of our variable interests, including equity ownership, as well as fees paid to us for our involvement in the management of each partially owned entity. To fall within the scope of the consolidation guidance, an entity must meet both of the following criteria: • The entity has a legal structure that has been established to conduct business activities and to hold assets; such entity can be in the form of a partnership, limited liability company, or corporation, among others; and • We have a variable interest in the legal entity — i.e., variable interests that are contractual, such as equity ownership, or other financial interests that change with changes in the fair value of the entity’s net assets. If an entity does not meet both criteria above, we apply other accounting literature, such as the equity method of accounting. If an entity does meet both criteria above, we evaluate such entity for consolidation under either the variable interest model if the legal entity meets any of the characteristics below to qualify as a VIE, or under the voting model for all other legal entities that are not VIEs. A legal entity is determined to be a VIE if it has any of the following three characteristics: 1) The entity does not have sufficient equity to finance its activities without additional subordinated financial support; 2) The entity is established with non-substantive voting rights (i.e., the entity deprives the majority economic interest holder(s) of voting rights); or 3) The equity holders, as a group, lack the characteristics of a controlling financial interest. Equity holders meet this criterion if they lack any of the following: • The power, through voting rights or similar rights, to direct the activities of the entity that most significantly influence the entity’s economic performance, as evidenced by: • Substantive participating rights in day-to-day management of the entity’s activities; or • Substantive kick-out rights over the party responsible for significant decisions; • The obligation to absorb the entity’s expected losses; or • The right to receive the entity’s expected residual returns. For an entity, including our real estate joint ventures, structured as a limited partnership or a limited liability company, our evaluation of whether the equity holders (equity partners other than the general partner or the managing member of a joint venture) lack the characteristics of a controlling financial interest includes the evaluation of whether the limited partners or non-managing members (the noncontrolling equity holders) lack both substantive participating rights and substantive kick-out rights, defined as follows: • Participating rights provide the noncontrolling equity holders the ability to direct significant financial and operating decisions made in the ordinary course of business that most significantly influence the entity’s economic performance. • Kick-out rights allow the noncontrolling equity holders to remove the general partner or managing member without cause. If we conclude that any of the three characteristics of a VIE are met, including that the equity holders lack the characteristics of a controlling financial interest because they lack both substantive participating rights and substantive kick-out rights, we conclude that the entity is a VIE and evaluate it for consolidation under the variable interest model. Variable interest model If an entity is determined to be a VIE, we evaluate whether we are the primary beneficiary. The primary beneficiary analysis is a qualitative analysis based on power and benefits. We consolidate a VIE if we have both power and benefits — that is, (i) we have the power to direct the activities of a VIE that most significantly influence the VIE’s economic performance (power) and (ii) we have the obligation to absorb losses of or the right to receive benefits from the VIE that could potentially be significant to the VIE (benefits). We consolidate VIEs whenever we determine that we are the primary beneficiary. Refer to Note 4 – “Consolidated and unconsolidated real estate joint ventures” and Note 7 – “Investments” to our consolidated financial statements for information on specific entities that qualify as VIEs. If we have a variable interest in a VIE but are not the primary beneficiary, we account for our investment using the equity method. Voting model If a legal entity fails to meet any of the three characteristics of a VIE (i.e., insufficiency of equity, existence of non-substantive voting rights, or lack of a controlling financial interest), we then evaluate such entity under the voting model. Under the voting model, we consolidate the entity if we determine that we, directly or indirectly, have greater than 50% of the voting shares (or own a majority of the limited partnership’s kick-out rights through voting interests), and that other equity holders do not have substantive participating rights. Refer to Note 4 – “Consolidated and unconsolidated real estate joint ventures” to our consolidated financial statements for information on specific joint ventures that qualify for evaluation under the voting model. Use of estimates The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, and equity; the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements; and the amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates. Investments in real estate Evaluation of business combination or asset acquisition We evaluate each acquisition of real estate or in-substance real estate (including equity interests in entities that predominantly hold real estate assets) to determine whether the integrated set of assets and activities acquired meets the definition of a business and needs to be accounted for as a business combination. An acquisition of an integrated set of assets and activities that does not meet the definition of a business is accounted for as an asset acquisition. If either of the following criteria is met, the integrated set of assets and activities acquired would not qualify as a business: • Substantially all of the fair value of the gross assets acquired is concentrated in either a single identifiable asset or a group of similar identifiable assets; or • The integrated set of assets and activities is lacking, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs (i.e., revenue generated before and after the transaction). An acquired process is considered substantive if: • The process includes an organized workforce (or includes an acquired contract that provides access to an organized workforce) that is skilled, knowledgeable, and experienced in performing the process; • The process cannot be replaced without significant cost, effort, or delay; or • The process is considered unique or scarce. Generally, our acquisitions of real estate or in-substance real estate do not meet the definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e., land, buildings, and related intangible assets) or because the acquisition does not include a substantive process in the form of an acquired workforce or an acquired contract that cannot be replaced without significant cost, effort, or delay. When evaluating acquired service or management contracts, we consider the nature of the services performed, the terms of the contract relative to similar arm’s-length contracts, and the availability of comparable vendors in evaluating whether the acquired contract constitutes a substantive process. Recognition of real estate acquired We evaluate each acquisition of real estate or in-substance real estate (including equity interests in entities that predominantly hold real estate assets) to determine whether the integrated set of assets and activities acquired meets the definition of a business and needs to be accounted for as a business combination. An acquisition of an integrated set of assets and activities that does not meet the definition of a business is accounted for as an asset acquisition. For acquisitions of real estate or in-substance real estate that are accounted for as business combinations, we allocate the acquisition consideration (excluding acquisition costs) to the assets acquired, liabilities assumed, noncontrolling interests, and previously existing ownership interests at fair value as of the acquisition date. Assets include intangible assets such as tenant relationships, acquired in-place leases, and favorable intangibles associated with in-place leases in which we are the lessor. Liabilities include unfavorable intangibles associated with in-place leases in which we are the lessor. In addition, for acquired in-place finance or operating leases in which we are the lessee, acquisition consideration is allocated to lease liabilities and related right-of-use assets, adjusted to reflect favorable or unfavorable terms of the lease when compared with market terms. Any excess (deficit) of the consideration transferred relative to the fair value of the net assets acquired is accounted for as goodwill (bargain purchase gain). Acquisition costs related to business combinations are expensed as incurred. Generally, we expect that acquisitions of real estate or in-substance real estate will not meet the definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e., land, buildings, and related intangible assets). The accounting model for asset acquisitions is similar to the accounting model for business combinations, except that the acquisition consideration (including acquisition costs) is allocated to the individual assets acquired and liabilities assumed on a relative fair value basis. Any excess (deficit) of the consideration transferred relative to the sum of the fair value of the assets acquired and liabilities assumed is allocated to the individual assets and liabilities based on their relative fair values. As a result, asset acquisitions do not result in the recognition of goodwill or a bargain purchase gain. Incremental and external direct acquisition costs related to acquisitions of real estate or in-substance real estate (such as legal and other third-party services) are capitalized. We exercise judgment to determine the key assumptions used to allocate the purchase price of real estate acquired among its components. The allocation of the consideration to the various components of properties acquired during the year can have an effect on our net income due to the useful depreciable and amortizable lives applicable to each component and the recognition of the related depreciation and amortization expense in our consolidated statements of operations. We apply judgment in utilizing available comparable market information to assess relative fair value. We assess the relative fair values of tangible and intangible assets and liabilities based on available comparable market information, including estimated replacement costs, rental rates, and recent market transactions. In addition, we may use estimated cash flow projections that utilize appropriate discount and capitalization rates. Estimates of future cash flows are based on a number of factors, including the historical operating results, known and anticipated trends, and market/economic conditions that may affect the property. The value of tangible assets acquired is based upon our estimation of fair value on an “as if vacant” basis. The value of acquired in-place leases includes the estimated costs during the hypothetical lease-up period and other costs that would have been incurred in the execution of similar leases under the market conditions at the acquisition date of the acquired in-place lease. If there is a bargain fixed-rate renewal option for the period beyond the noncancelable lease term of an in-place lease, we evaluate intangible factors, such as the business conditions in the industry in which the lessee operates, the economic conditions in the area in which the property is located, and the ability of the lessee to sublease the property during the renewal term, in order to determine the likelihood that the lessee will renew. When we determine that there is reasonable assurance that such bargain purchase option will be exercised, we consider the option in determining the intangible value of such lease and its related amortization period. We also recognize the relative fair values of assets acquired, the liabilities assumed, and any noncontrolling interest in acquisitions of less than a 100% interest when the acquisition constitutes a change in control of the acquired entity. Depreciation and amortization The values allocated to buildings and building improvements, land improvements, tenant improvements, and equipment are depreciated on a straight-line basis. For buildings and building improvements, we depreciate using the shorter of the respective ground lease terms or their estimated useful lives, not to exceed 40 years . Land improvements are depreciated over their estimated useful lives, not to exceed 20 years . Tenant improvements are depreciated over their respective lease terms or estimated useful lives, and equipment is depreciated over the shorter of the lease term or its estimated useful life. The values of the right-of-use assets are amortized on a straight-line basis over the remaining terms of each related lease. The values of acquired in-place leases and associated favorable intangibles (i.e., acquired above-market leases) are classified in other assets in our consolidated balance sheets and are amortized over the remaining terms of the related leases as a reduction of income from rentals in our consolidated statements of operations. The values of unfavorable intangibles (i.e., acquired below-market leases) associated with acquired in-place leases are classified in accounts payable, accrued expenses, and other liabilities in our consolidated balance sheets and are amortized over the remaining terms of the related leases as an increase in income from rentals in our consolidated statements of operations. Capitalized project costs We capitalize project costs, including pre-construction costs, interest, property taxes, insurance, and other costs directly related and essential to the development, redevelopment, pre-construction, or construction of a project. Capitalization of development, redevelopment, pre-construction, and construction costs is required while activities are ongoing to prepare an asset for its intended use. Fluctuations in our development, redevelopment, pre-construction, and construction activities could result in significant changes to total expenses and net income. Costs incurred after a project is substantially complete and ready for its intended use are expensed as incurred. Should development, redevelopment, pre-construction, or construction activity cease, interest, property taxes, insurance, and certain other costs would no longer be eligible for capitalization and would be expensed as incurred. Expenditures for repairs and maintenance are expensed as incurred. Real estate sales A property is classified as held for sale when all of the following criteria for a plan of sale have been met: (i) management, having the authority to approve the action, commits to a plan to sell the property; (ii) the property is available for immediate sale in its present condition, subject only to terms that are usual and customary; (iii) an active program to locate a buyer and other actions required to complete the plan to sell have been initiated; (iv) the sale of the property is probable and is expected to be completed within one year ; (v) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions necessary to complete the plan of sale indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Depreciation of assets ceases upon designation of a property as held for sale. If the disposal of a property represents a strategic shift that has (or will have) a major effect on our operations or financial results, such as (i) a major line of business, (ii) a major geographic area, (iii) a major equity method investment, or (iv) other major parts of an entity, then the operations of the property, including any interest expense directly attributable to it, are classified as discontinued operations in our consolidated statements of operations, and amounts for all prior periods presented are reclassified from continuing operations to discontinued operations. The disposal of an individual property generally will not represent a strategic shift and therefore will typically not meet the criteria for classification as a discontinued operation. We recognize gains or losses on real estate sales in accordance with the accounting standard on the derecognition of nonfinancial assets arising from contracts with noncustomers. Our ordinary output activities consist of the leasing of space to our tenants in our operating properties, not the sales of real estate. Therefore, sales of real estate (in which we are the seller) qualify as contracts with noncustomers. In our transactions with noncustomers, we apply certain recognition and measurement principles consistent with our method of recognizing revenue arising from contracts with customers. Derecognition of the asset is based on the transfer of control. If a real estate sales contract includes our ongoing involvement with the property, then we evaluate each promised good or service under the contract to determine whether it represents a separate performance obligation, constitutes a guarantee, or prevents the transfer of control. If a good or service is considered a separate performance obligation, an allocated portion of the transaction price is recognized as revenue as we transfer the related good or service to the buyer. The recognition of gain or loss on the sale of a partial interest also depends on whether we retain a controlling or noncontrolling interest in the property. If we retain a controlling interest in the property upon completion of the sale, we continue to reflect the asset at its book value, record a noncontrolling interest for the book value of the partial interest sold, and recognize additional paid-in capital for the difference between the consideration received and the partial interest at book value. Conversely, if we retain a noncontrolling interest upon completion of the sale of a partial interest of real estate, we recognize a gain or loss as if 100% of the asset were sold. Impairment of long-lived assets Prior to and subsequent to the end of each quarter, we review current activities and changes in the business conditions of all of our long-lived assets to determine the existence of any triggering events or impairment indicators requiring an impairment analysis. If triggering events or impairment indicators are identified, we review an estimate of the future undiscounted cash flows, including, if necessary, a probability-weighted approach if multiple outcomes are under consideration. Long-lived assets to be held and used, including our rental properties, CIP, land held for development, right-of-use assets related to operating leases in which we are the lessee, and intangibles, are individually evaluated for impairment when conditions exist that may indicate that the carrying amount of a long-lived asset may not be recoverable. The carrying amount of a long-lived asset to be held and used is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Triggering events or impairment indicators for long-lived assets to be held and used are assessed by project and include significant fluctuations in estimated net operating income, occupancy changes, significant near-term lease expirations, current and historical operating and/or cash flow losses, construction costs, estimated completion dates, rental rates, and other market factors. We assess the expected undiscounted cash flows based upon numerous factors, including, but not limited to, projected rental rates, exit capitalization rates, and construction costs for projects under development, which are based on available market information, current and historical operating results, known trends, current market/economic conditions that may affect the asset, and our assumptions about the use of the asset, including, if necessary, a probability-weighted approach if multiple outcomes are under consideration. Upon determination that an impairment has occurred, a write-down is recognized to reduce the carrying amount of the asset to its estimated fair value. If an impairment charge is not required to be recognized, the recognition of depreciation or amortization is adjusted prospectively, as necessary, to reduce the carrying amount of the asset to its estimated disposition value over the remaining period that the asset is expected to be held and used. We may adjust depreciation of properties that are expected to be disposed of or redeveloped prior to the end of their useful lives. We use the held for sale impairment model for our properties classified as held for sale, which is different from the held and used impairment model. Under the held for sale impairment model, an impairment charge is recognized if the carrying amount of the long-lived asset classified as held for sale exceeds its fair value less cost to sell. Because of these two different models, it is possible for a long-lived asset previously classified as held and used to require the recognition of an impairment charge upon classification as held for sale. International operations In addition to operating properties in the U.S., we have 11 properties in Canada. The functional currency for our subsidiaries operating in the U.S. is the U.S. dollar. The local currency of a foreign subsidiary serves as its functional currency. The assets and liabilities of our foreign subsidiaries are translated into U.S. dollars at the exchange rate in effect as of the financial statement date. Revenue and expense accounts of our foreign subsidiaries are translated using the weighted-average exchange rate for the periods presented. Gains or losses resulting from the translation are classified in accumulated other comprehensive income (loss) as a separate component of total equity and are excluded from net income (loss). Whenever a foreign investment meets the criteria for classification as held for sale, we evaluate the recoverability of the investment under the held for sale impairment model. We may recognize an impairment charge if the carrying amount of the investment exceeds its fair value less cost to sell. In determining an investment’s carrying amount, we consider its net book value and any cumulative unrealized foreign currency translation adjustment related to the investment. The appropriate amounts of foreign exchange rate gains or losses classified in accumulated other comprehensive income (loss) are reclassified to net income (loss) when realized upon the sale of our investment or upon the complete or substantially complete liquidation of our investment. nvestments We hold investments in publicly traded companies and privately held entities primarily involved in the life science industry. As a REIT, we generally limit our ownership of each individual entity’s voting stock to less than 10% . We evaluate each investment to determine whether we have the ability to exercise significant influence, but not control, over an investee. We evaluate investments in which our ownership is equal to or greater than 20%, but less than or equal to 50%, of an investee’s voting stock with a presumption that we have this ability. For our investments in limited partnerships that maintain specific ownership accounts, we presume that such ability exists when our ownership interest exceeds 3% to 5%. In addition to our ownership interest, we consider whether we have a board seat or whether we participate in the investee’s policymaking process, among other criteria, to determine if we have the ability to exert significant influence, but not control, over an investee. If we determine that we have such ability, we account for the investment under the equity method, as described below. From time to time, we may hold equity investments in publicly traded companies that are subject to contractual sale restrictions. We do not recognize a discount related to a contractual sale restriction. Investments accounted for under the equity method Under the equity method of accounting, we initially recognize our investment at cost and subsequently adjust the carrying amount of the investment for our share of earnings or losses reported by the investee, distributions received, and other-than-temporary impairments. For more information about our investments accounted for under the equity method, refer to Note 7 – “Investments” to our consolidated financial statements. Investments that do not qualify for the equity method of accounting For investees over which we determine that we do not have the ability to exercise significant influence or control, we account for each investment depending on whether it is an investment in a (i) publicly traded company, (ii) privately held entity that reports NAV per share, or (iii) privately held entity that does not report NAV per share, as described below. Investments in publicly traded companies Our investments in publicly traded companies are classified as investments with readily determinable fair values and are presented at fair value in our consolidated balance sheets, with changes in fair value classified in investment income (loss) in our consolidated statements of operations. The fair values for our investments in publicly traded companies are determined based on sales prices or quotes available on securities exchanges. Investments in privately held companies Our investments in privately held entities without readily determinable fair values consist of (i) investments in privately held entities that report NAV per share and (ii) investments in privately held entities that do not report NAV per share. These investments are accounted for as follows: Investments in privately held entities that report NAV per share Investments in privately held entities that report NAV per share, such as our privately held investments in limited partnerships, are presented at fair value using NAV as a practical expedient, with changes in fair value classified in investment income (loss) in our consolidated statements of operations. We use NAV per share reported by limited partnerships generally without adjustment, unless we are aware of information indicating that the NAV reported by a limited partnership does not accurately reflect the fair value of the investment at our reporting date. Investments in privately held entities that do not report NAV per share Investments in privately held entities that do not report NAV per share are accounted for using a measurement alternative under which these investments are measured at cost, adjusted for observable price changes and impairments, with changes classified in investment income (loss) in our consolidated statements of operations. An observable price arises from an orderly transaction for an identical or similar investment of the same issuer, which is observed by an investor without expending undue cost and effort. Observable price changes result from, among other things, equity transactions of the same issuer executed during the reporting period, including subsequent equity offerings or other reported equity transactions related to the same issuer. To determine whether these transactions are indicative of an observable price change, we evaluate, among other factors, whether these transactions have similar rights and obligations, including voting rights, distribution preferences, and conversion rights to the investments we hold. Impairment evaluation of equity method investments and investments in privately held entities that do not report NAV per share We monitor equity method investments and investments in privately held entities that do not report NAV per share for new developments, including operating results, prospects and results of clinical trials, new product initiatives, new collaborative agreements, capital-raising events, and merger and acquisition activities. These investments are evaluated on the basis of a qualitative assessment for indicators of impairment by monitoring the presence of the following triggering events or impairment indicators: (i) a significant deterioration in the earnings performance, credit rating, asset quality, or business prospects of the investee; (ii) a significant adverse change in the regulatory, economic, or technological environment of the investee; (iii) a significant adverse change in the general market condition, including the research and development of technology and products that the investee is bringing or attempting to bring to the market; (iv) significant concerns about the investee’s ability to continue as a going concern; and/or (v) a decision by investors to cease providing support or reduce their financial commitment to the investee. If such indicators are present, we are required to estimate the investment’s fair value and immediately recognize an impairment charge in an amount equal to the investment’s carrying value in excess of its estimated fair value. Investment income/loss recognition and classification We recognize both realized and unrealized gains and losses in our consolidated statements of operations, classified in investment income (loss) in our consolidated statements of operations. Unrealized gains and losses represent: (i) changes in fair value for investments in publicly traded companies; (ii) changes in NAV for investments in privately held entities that report NAV per share; (iii) observable price changes for investments in privately held entities that do not report NAV per share; and (iv) our share of unrealized gains or losses reported by our equity method investees. Realized gains and losses on our investments represent the difference between proceeds received upon disposition of investments and their historical or adjusted cost basis. For our equity method investments, realized gains and losses represent our share of realized gains or losses reported by the investee. Impairments are realized losses, which result in an adjusted cost basis, and represent charges to reduce the carrying values of investments in privately held entities that do not report NAV per share and equity method investments, if impairments are deemed other than temporary, to their estimated fair value. Revenues The table below provides details of our consolidated total revenues for the years ended December 31, 2024 , 2023 , and 2022 (in thousands): Year Ended December 31, 2024 2023 2022 Income from rentals: Revenues subject to the lease accounting standard: Operating leases $ 3,005,137 $ 2,802,567 $ 2,534,862 Direct financing leases 2,653 2,608 3,094 Revenues subject to the lease accounting standard 3,007,790 2,805,175 2,537,956 Revenues subject to the revenue recognition accounting standard 41,916 37,281 38,084 Income from rentals 3,049,706 2,842,456 2,576,040 Other income 66,688 43,243 12,922 Total revenues $ 3,116,394 $ 2,885,699 $ 2,588,962 During the years ended December 31, 2024 , 2023 , and 2022 , revenues that were subject to the lease accounting standard aggregated $3.0 billion , $2.8 billion , and $2.5 billion , respectively, and represented 96.5% , 97.2% , and 98.0% , respectively, of our total revenues. Our other income consisted primarily of management fees and interest income earned during each year presente d. For a detailed discussion related to our revenue streams, refer to “ Lease accounting ” and “ Recognition of revenue arising from contracts with customers ” in Note 2 – “Summary of significant acco

Investments in real estate (Not

Investments in real estate (Notes)	12 Months Ended
	Dec. 31, 2024
Real Estate [Abstract]
Investments in real estate, net	Our consolidated investments in real estate consisted of the following as of December 31, 2024 and 2023 (in thousands): December 31, 2024 2023 Rental properties: Land (related to rental properties) $ 3,863,027 $ 4,296,048 Buildings and building improvements 20,377,935 20,153,572 Other improvements 4,354,785 3,674,251 Rental properties 28,595,747 28,123,871 Development and redevelopment projects 8,618,727 8,220,672 Gross investments in real estate 37,214,474 36,344,543 Less: accumulated depreciation (5,477,082) (4,896,479) Investments in real estate assets held for sale (1) 372,647 185,447 Investments in real estate $ 32,110,039 $ 31,633,511 (1) See “Assets held for sale” below. Assets held for sale As of December 31, 2024 , we had 10 properties aggregating 600,870 RSF and land parcels aggregating 2.4 million SF that were classified as held for sale in our consolidated financial statements. The disposal of properties classified as held for sale does not represent a strategic shift that has (or will have) a major effect on our operations or financial results and therefore does not meet the criteria for classification as a discontinued operation. We cease depreciation of our properties upon their classification as held for sale. The following is a summary of net assets as of December 31, 2024 and 2023 for our real estate investments that were classified as held for sale as of each respective date (in thousands): December 31, 2024 2023 Investments in real estate $ 372,647 $ 185,447 Other assets 9,488 8,776 Total assets 382,135 194,223 Total liabilities (13,462) (4,750) Total accumulated other comprehensive income 2,584 1,960 Net assets classified as held for sale $ 371,257 $ 191,433 For additional information, refer to “ Real estate sales ” in Note 2 – “Summary of significant accounting policies” to our consolidated financial statements. Acquisitions Our real estate asset acquisitions during the year ended December 31, 2024 consisted of the following (dollars in thousands): Square Footage Property Submarket/Market Date of Purchase Number of Properties Future Development Operating With Future Development/ Redevelopment Purchase Price (1) 285, 299, 307, and 345 Dorchester Avenue (2) Seaport Innovation District/Greater Boston 1/30/24 — 1,040,000 — $ 155,321 428 Westlake Avenue North Lake Union/Seattle 10/1/24 1 — 90,626 47,600 Other 46,490 Total 1,040,000 90,626 $ 249,411 (1) Represents the aggregate contractual purchase price of our acquisitions, which differs from purchases of real estate in our consolidated statements of cash flows due to the timing of payment, closing costs, and other acquisition adjustments such as prorations of rents and expenses. (2) Refer to Note 4 – “Consolidated and unconsolidated real estate joint ventures” to our consolidated financial statements for additional details. Based upon our evaluation of each acquisition, we determined that substantially all of the fair value related to each acquisition was concentrated in a single identifiable asset or a group of similar identifiable assets, or was associated with a land parcel with no operations. Accordingly, each transaction did not meet the definition of a business and therefore was accounted for as an asset acquisition. In each of these transactions, we allocated the total consideration for each acquisition to the individual assets and liabilities acquired on a relative fair value basis. During the year ended December 31, 2024 , we acquired real estate assets for an aggregate purchase price of $249.4 million . In connection with our acquisitions, we recorded in-place lease assets aggregating $4.4 million and above-market lease asset in which we are the lessor aggregating $492 thousand . As of December 31, 2024 , the weighted-average amortization period remaining on our in- place leases and above-market leases acquired during the year ended December 31, 2024 was 2.5 years and 5.1 years , respectively, and 2.8 years in total. Acquired below-market leases The balances of acquired below-market tenant leases existing as of December 31, 2024 and 2023 and related accumulated amortization, classified in accounts payable, accrued expenses, and other liabilities in our consolidated balance sheets as of December 31, 2024 and 2023 , were as follows (in thousands): December 31, 2024 2023 Acquired below-market leases $ 652,757 $ 696,875 Accumulated amortization (472,350) (374,835) $ 180,407 $ 322,040 For the years ended December 31, 2024, 2023, and 2022 , we recognized in rental revenues approximately $89.4 million , $96.9 million , and $78.0 million , respectively, related to the amortization of acquired below-market leases existing as of the end of each respective year. The weighted-average amortization period of the value of acquired below-market leases existing as of December 31, 2024 was approximately 7.0 years , and t he estimated annual amortization of the value of acquired below-market leases as of December 31, 2024 is as follows (in thousands): Year Amount 2025 $ 38,074 2026 25,502 2027 24,674 2028 12,822 2029 10,333 Thereafter 69,002 Total $ 180,407 Acquired in-place leases The balances of acquired in-place leases and related accumulated amortization, classified in other assets in our consolidated balance sheets as of December 31, 2024 and 2023 , were as follows (in thousands): December 31, 2024 2023 Acquired in-place leases $ 1,032,744 $ 1,115,259 Accumulated amortization (727,600) (653,646) $ 305,144 $ 461,613 Amortization for these intangible assets, classified in depreciation and amortization expense in our consolidated statements of operations, was approximately $108.7 million , $160.6 million , and $169.5 million for the years ended December 31, 2024, 2023, and 2022 , respectively. The weighted-average amortization period of the value of acquired in-place leases was approximately 6.8 years , and the estimated annual amortization of the value of acquired in-place leases as of December 31, 2024 is as follows (in thousands): Year Amount 2025 $ 71,513 2026 58,706 2027 46,211 2028 33,983 2029 28,407 Thereafter 66,324 Total $ 305,144 Sales of real estate assets and impairment charges Our completed dispositions of real estate assets during the year ended December 31, 2024 consisted of the following (dollars in thousands): Property Submarket/Market Date of Sale Interest Sold RSF Land and Future SF Sales Price Gain on Sales of Real Estate 4755 and 4757 Nexus Center Drive and 4796 Executive Drive University Town Center/San Diego 12/30/24 100% 177,804 — $ 120,000 (1) $ 47,511 14225 Newbrook Drive Northern Virginia/Maryland 10/15/24 100% 248,186 — 80,500 37,074 1165 Eastlake Avenue East Lake Union/Seattle 9/12/24 100% 100,086 — 149,985 21,535 9444 Waples Street (50% consolidated JV) Sorrento Mesa/San Diego 12/23/24 100% — 149,000 31,000 (2) 8,175 (2) 6040 George Watts Hill Drive Research Triangle/Research Triangle 12/10/24 100% 149,585 — 93,500 5,004 100 Minuteman Road Other/Greater Boston 11/15/24 100% 308,970 — 67,300 4,042 849 and 863 Mitten Road and 866 Malcolm Road South San Francisco/San Francisco Bay Area 11/20/24 100% 103,857 — 24,000 — 99 A Street Seaport Innovation District/ Greater Boston 3/8/24 100% — 235,000 13,350 — 219 East 42nd Street New York City/New York City 7/9/24 100% 349,947 — 60,000 — 6101 Quadrangle Drive Research Triangle/Research Triangle 12/16/24 100% 31,600 — 11,310 — Other 38,617 5,971 $ 129,312 One Moderna Way Route 128/Greater Boston 12/17/24 100% 722,130 — 369,439 (3) 215 First Street, 150 Second Street, and 11 Hurley Street Cambridge/Greater Boston 12/20/24 100% 552,513 — 245,539 10048 and 10219 Meanley Drive and 10277 Scripps Ranch Boulevard Sorrento Mesa/San Diego 12/20/24 100% — 444,041 55,000 (1) $ 1,359,540 (4) 1401/1413 Research Boulevard ( 65% unconsolidated JV) Rockville/Maryland 10/31/24 100% (5) — $ 22,913 (5) $ 3,328 (5) (1) As part of the transaction, we provided partial seller financing. Refer to Note 8 – “Other assets” to our consolidated financial statements for additional information. (2) Our share of the sales price is $15.5 million , a nd our share of gain on sale is $3.2 million . (3) Refer to “Impairment charges” below for details on impairments recognized in connection with these transactions during the year ended December 31, 2024. (4) Represents the aggregate contractual sales price of our dispositions, which differs from proceeds from sales of real estate and contributions from and sales of noncontrolling interests in our consolidated statement of cash flows under “Investing activities” and “Financing activities,” respectively, primarily due to the timing of payment, closing costs, and other sales adjustments such as prorations of rents and expenses. (5) The unconsolidated real estate joint venture completed the sale of a retail shopping center aggregating 84,837 RSF. We received cash proceeds, net of our $18.6 million share of the debt balance , approximating our $3.3 million share of the gain on sale, which is classified in equity in earnings of unconsolidated real estate joint ventures in our consolidated statement of operations. Refer to Note 4 – “Consolidated and unconsolidated real estate joint ventures” to our consolidated financial statements for additional information. Impairment charges During the year ended December 31, 2024 , we recognized real estate impairment charges aggregating $223.1 million , which primarily consisted of the following: • In October 2024, four properties at One Moderna Way in our Route 128 submarket met the criteria for classification as held for sale, when a single tenant, occupying 100% of these properties with a w eighted-average remaining lease term o f 18 years , committed to purchasing them. Due to our important long-established relationship with this tenant and the strategic nature of these properties, there were no other buyers to whom we would be willing to sell these properties. As a result, the sale of these assets became probable and all criteria for classification as held for sale were met when the tenant’s commitment to acquire these properties was confirmed in October 2024. Upon meeting the asset held for sale criteria, we recognized an impairment charge of $40.9 million to reduce the carrying amounts of these properties to the expected sales price less costs to sell. In December 2024, we completed the sale of these properties for a sales price of $369.4 million , with n o incremental gain or loss recognized . • In October 2024, five operating properties aggregating 203,223 RSF and land parcels aggregating 1.5 million SF in our Sorrento Mesa and University Town Center submarkets met the criteria for classification as held for sale. In October 2024, after meeting all criteria for classification as held for sale, including (i) our commitment to sell these assets, (ii) Board of Directors’ approval, and (iii) our determination that the sale of each property was probable within one year, we recognized impairment charges aggregating $65.9 million to reduce the carrying amounts of these properties to the expected aggregate sales price less costs to sell. Subsequent to October 2024, we had the following additional developments related to these transactions: • In December 2024, we completed the sale of land parcels aggregating 444,041 SF (included in the 1.5 million SF discussed above) in our Sorrento Mesa submarket for a sales price of $55.0 million , with no gain or loss recognized in earnings, to a buyer that is expected to develop residential properties on this site. As part of the transaction, we provided $25.0 million of seller financing. This note receivable is classified within “Other assets” in our consolidated balance sheet. Refer to Note 8 – “Other assets” to our consolidated financial statements for additional information. • In Dece mber 2024, based on an executed purchase and sale agreement, we recognized an additional $36.9 million impairment charge related to three operating properties aggregating 100,831 RSF and land parcels aggregating 1.0 million SF (included in the aforementioned 203,223 RSF and 1.5 million SF, respectively) in our University Town Center submarket to further reduce the carrying amounts of these properties to their estimated fair values less costs to sell of approximately $200 million . As of December 31, 2024, these assets were classified as held for sale, and we expect to complete the sales of these assets within 12 months . • We continue to hold two operating properties aggregating 102,392 RSF (included in the aforementioned 203,223 RSF) in our Sorrento Mesa submarket with a carrying amount of $18.2 million as held for sale as of December 31, 2024. We expect to complete the sale of these properties within 12 months. • During the three months ended December 31, 2024, three properties aggregating 552,513 RSF in our Cambridge submarket met the criteria for classification as held for sale upon our decision to dispose of them as a result of our determination that they were not core to our Megacampus strategy due to their size, location, and existing use. Upon meeting the criteria for classification as held for sale, we recognized an impairment charge of $6.3 million to reduce the carrying amounts of these properties to their estimated fair values less costs to sell. In December 2024, we completed the sale of these properties for a sales price of $245.5 million . • In addition, we recognized impairment charges aggregating $30.8 million primarily consisting of the pre-acquisition costs related to two potential acquisitions aggregating 1.4 million RS F of future development in our Greater Boston market. We executed purchase agreements for these potential acquisitions with the total purchase price aggregating $366.8 million in 2020 and 2022 and initially expected to close these acquisitions after 2024. Our intent for each site included the demolition of existing buildings upon expiration of the existing in-place leases and the development of life science properties. During the three months ended June 30, 2024, due to the existing macroeconomic environment that negatively impacted the financial outlook for these projects, we decided to no longer proceed with these acquisitions, resulting in the recognition of impairment charges. • In December 2024, we recognized an impairment charge of $13.7 million to reduce the carrying amount of a property aggregating 45,615 RSF in our Seattle market to its e stimated fair value less costs to sell of approximately $8 million , upon meeting the criteria for classification as held for sale. We expect to sell this project within 12 months. • In December 2024, we recognized an impairment charge of $6.1 million to reduce the carrying amount of a development project aggregating 1.4 million S F in our Texas market to its estimated fair value less costs to sell of approximately $70 million , upon meeting the criteria for classification as held for sale. We expect to sell this project within 12 months. Other In 2006, ARE-East River Science Park, LLC, a subsidiary of Alexandria Real Estate Equities, Inc., was granted an option to incorporate a land parcel adjacent to and north of the Alexandria Center ® for Life Science – New York City (“ACLS-NYC”) campus (“Option Parcel”) into the existing ground lease of that campus. The Option Parcel will allow ARE-East River Science Park, LLC to develop a future world-class life science building within the ACLS-NYC campus. ARE-East River Science Park, LLC’s investment in pre- construction costs related to the development of the Option Parcel, including costs related to design, engineering, environmental, survey/title, and permitting and legal costs, aggregated $168.4 million as of December 31, 2024 . On August 6, 2024, ARE-East River Science Park, LLC filed a lawsuit in the United States District Court for the Southern District of New York against its landlord, New York City Health + Hospitals Corporation (“H+H”), and the New York City Economic Development Corporation (“EDC” ). On January 24, 2025, ARE-East River Science Park, LLC filed a First Amended Complaint. Th e lawsuit alleges two principal claims against H+H and EDC: fraud in the inducement, and, in the alternative, breach of contract in violation of the implied covenant of good faith and fair dealing. As alleged in the complaint, ARE-East River Science Park, LLC’s claims arise from H+H’s and EDC’s misrepresentations and concealment of material facts in connection with a floodwall, which H+H and EDC are seeking to require ARE-East River Science Park, LLC to integrate into the development of the Option Parcel. ARE-East River Science Park, LLC alleges that H+H’s and EDC’s misconduct have prevented it from commencing the development of the Option Parcel. In light of the pending litigation, the closing date for our option and thus the commencement date for construction of the third tower at the campus are presently indeterminate. Among other things, ARE-East River Science Park, LLC is seeking significant damages and equitable relief from the court to confirm our understanding that the option is in full force and effect. This matter exposes us to potential losses ranging from zero to the full amount of the investment in the project aggregating $168.4 million as of December 31, 2024 , depending on any collection of damages and/or the ability to develop the project. We performed a probability-weighted recoverability analysis based on estimates of various possible outcomes and determined no impairment was present as of December 31, 2024 .

Consolidated and unconsolidated

Consolidated and unconsolidated real estate joint ventures (Notes)	12 Months Ended
	Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Consolidated and unconsolidated real estate joint ventures	From time to time, we enter into joint venture agreements through which we own a partial interest in real estate entities that own, develop, and operate real estate properties. As of December 31, 2024 , our real estate joint ventures held the following properties: Property Market Submarket Our Ownership Interest (1) Consolidated real estate joint ventures (2) : 50 and 60 Binney Street Greater Boston Cambridge/Inner Suburbs 34.0% 75/125 Binney Street Greater Boston Cambridge/Inner Suburbs 40.0% 100 and 225 Binney Street and 300 Third Street Greater Boston Cambridge/Inner Suburbs 30.0% 99 Coolidge Avenue Greater Boston Cambridge/Inner Suburbs 75.0% 15 Necco Street Greater Boston Seaport Innovation District 56.7% 285, 299, 307, and 345 Dorchester Avenue Greater Boston Seaport Innovation District 60.0% Alexandria Center ® for Science and Technology – Mission Bay (3) San Francisco Bay Area Mission Bay 25.0% 1450 Owens Street San Francisco Bay Area Mission Bay 25.1% (4) 601, 611, 651, 681, 685, and 701 Gateway Boulevard San Francisco Bay Area South San Francisco 50.0% 751 Gateway Boulevard San Francisco Bay Area South San Francisco 51.0% 211 and 213 East Grand Avenue San Francisco Bay Area South San Francisco 30.0% 500 Forbes Boulevard San Francisco Bay Area South San Francisco 10.0% Alexandria Center ® for Life Science – Millbrae San Francisco Bay Area South San Francisco 48.2% 3215 Merryfield Row San Diego Torrey Pines 30.0% Campus Point by Alexandria (5) San Diego University Town Center 55.0% 5200 Illumina Way San Diego University Town Center 51.0% 9625 Towne Centre Drive San Diego University Town Center 30.0% SD Tech by Alexandria (6) San Diego Sorrento Mesa 50.0% Pacific Technology Park San Diego Sorrento Mesa 50.0% Summers Ridge Science Park (7) San Diego Sorrento Mesa 30.0% 1201 and 1208 Eastlake Avenue East Seattle Lake Union 30.0% 199 East Blaine Street Seattle Lake Union 30.0% 400 Dexter Avenue North Seattle Lake Union 30.0% 800 Mercer Street Seattle Lake Union 60.0% Unconsolidated real estate joint ventures (2) : 1655 and 1725 Third Street San Francisco Bay Area Mission Bay 10.0% 1450 Research Boulevard Maryland Rockville 73.2% (8) 101 West Dickman Street Maryland Beltsville 58.4% (8) (1) Refer to the table on the next page that shows the categorization of our joint ventures under the consolidation framework. (2) In addition to the real estate joint ventures listed, various partners hold insignificant noncontrolling interests in three other consolidated real estate joint ventures in North America and we hold an interest in one insignificant unconsolidated real estate joint venture in North America. (3) Includes 409 and 499 Illinois Street, 1500 and 1700 Owens Street, and 455 Mission Bay Boulevard South. (4) During the year ended December 31, 2024 , our equity ownership decreased from 40.6% to 25.1% based on continued funding of construction costs by our joint venture partner and a reallocation of equity to our joint venture partner of $30.2 million from us. The noncontrolling interest share of our joint venture partner is anticipated to increase to 75% and ours to decrease to 25% as our partner contributes additional equity to fund the construction of the project. (5) Includes 10210, 10260, 10290, and 10300 Campus Point Drive and 4110, 4135, 4155, 4161, 4165, 4224, and 4242 Campus Point Court. (6) Includes 9605, 9645, 9675, 9725, 9735, 9805, 9808, 9855, and 9868 Scranton Road and 10055, 10065, and 10075 Barnes Canyon Road. (7) Includes 9965, 9975, 9985, and 9995 Summers Ridge Road. (8) Represents a joint venture with a local real estate operator in which our joint venture partner manages the day-to-day activities that significantly affect the economic performance of the joint venture. Our consolidation policy is described under “Consolidation” in Note 2 – “Summary of significant accounting policies” to our consolidated financial statements. Consolidation accounting is highly technical, but its framework is primarily based on the controlling financial interests and benefits of the joint ventures. We generally consolidate a joint venture that is a legal entity that we control (i.e., we have the power to direct the activities of the joint venture that most significantly affect its economic performance) through contractual rights, regardless of our ownership interest, and where we determine that we have benefits through the allocation of earnings or losses and fees paid to us that could be significant to the joint venture (the “VIE model”). We also generally consolidate joint ventures when we have a controlling financial interest through voting rights and where our voting interest is greater than 50% (the “voting model”). Voting interest differs from ownership interest for some joint ventures. We account for joint ventures that do not meet the consolidation criteria under the equity method of accounting by recognizing our share of income and losses. The table below shows the categorization of our real estate joint ventures under the consolidation framework: Property (1) Consolidation Model Voting Interest Consolidation Analysis Conclusion 50 and 60 Binney Street VIE model Not applicable under VIE model Consolidated 75/125 Binney Street We have: 100 and 225 Binney Street and 300 Third Street 99 Coolidge Avenue (i) The power to direct the activities of the joint venture that most significantly affect its economic performance; and 15 Necco Street 285, 299, 307, and 345 Dorchester Avenue Alexandria Center ® for Science and Technology – Mission Bay 1450 Owens Street 601, 611, 651, 681, 685, and 701 Gateway Boulevard 751 Gateway Boulevard 211 and 213 East Grand Avenue (ii) Benefits that can be significant to the joint venture. 500 Forbes Boulevard Alexandria Center ® for Life Science – Millbrae 3215 Merryfield Row Campus Point by Alexandria 5200 Illumina Way Therefore, we are the primary beneficiary of each VIE. 9625 Towne Centre Drive SD Tech by Alexandria Pacific Technology Park Summers Ridge Science Park 1201 and 1208 Eastlake Avenue East 199 East Blaine Street 400 Dexter Avenue North 800 Mercer Street 1450 Research Boulevard We do not control the joint venture and are therefore not the primary beneficiary. Equity method of accounting 101 West Dickman Street 1655 and 1725 Third Street Voting model Does not exceed 50% Our voting interest is 50% or less. (1) In addition to the real estate joint ventures listed, various partners hold insignificant noncontrolling interests in three other consolidated real estate joint ventures in North America and we hold an interest in one insignificant unconsolidated real estate joint venture in North America. Formation of consolidated real estate joint ventures We evaluated each of our real estate joint ventures described below under the consolidation framework outlined above and further detailed in “Consolidation” in Note 2 – “Summary of significant accounting policies” to our consolidated financial statements. For a summary of our completed dispositions of real estate assets during the year ended December 31, 2024 , refer to “ Sales of real estate assets and impairment charges ” in Note 3 – “Investments in real estate” to our consolidated financial statements. 285, 299, 307, and 345 Dorchester Avenue During the three months ended March 31, 2024, we formed real estate joint ventures to develop a Megacampus. We contributed $155.3 million to these real estate joint ventures, and our partner’s share of contributed real estate assets aggregated $103.5 million . As of March 31, 2024 , these joint ventures owned four land parcels at 285, 299, 307, and 345 Dorchester Avenue in our Seaport Innovation District submarket, with future development opportunities aggregating 1.0 million SF . We determined that we have control over these real estate joint ventures, and we therefore consolidate the joint ventures. As of December 31, 2024 , we have a 60% ownership interest in the real estate joint ventures. 1201 and 1208 Eastlake Avenue East In September 2024, our prior joint venture partner sold its ownership interest in each of 1201 and 1208 Eastlake Avenue East real estate joint ventures to our new joint venture partner, who is also our longstanding tenant at the 1201 and 1208 Eastlake Avenue East properties, occupying 115,839 RSF out of the total 206,134 RSF . Alexandria’s ownership interest in each of 1201 and 1208 Eastlake Avenue East remained unchanged at 30.0% . Upon completion of the sale, we reassessed our consolidation analysis for this joint venture and determined that we retain control, and we therefore continue to consolidate the real estate joint venture. Consolidated VIEs’ balance sheet information We, together with joint venture partners, hold interests in real estate joint ventures that we consolidate in our financial statements. These existing joint ventures provide significant equity capital to fund a portion of our future construction spend, and our joint venture partners may also contribute equity into these entities for financing-related activities. The table below aggregates the balance sheet information of our consolidated VIEs as of December 31, 2024 and 2023 (in thousands): December 31, 2024 2023 Investments in real estate $ 8,917,718 $ 8,032,315 Cash and cash equivalents 335,223 306,475 Other assets 777,033 728,390 Total assets $ 10,029,974 $ 9,067,180 Secured notes payable $ 149,321 $ 119,042 Other liabilities 626,460 608,665 Mandatorily redeemable noncontrolling interest — 35,250 Total liabilities 775,781 762,957 Redeemable noncontrolling interests 10,360 6,868 Alexandria Real Estate Equities, Inc.’s share of equity 4,754,386 4,162,017 Noncontrolling interests’ share of equity 4,489,447 4,135,338 Total liabilities and equity $ 10,029,974 $ 9,067,180 In determining whether to aggregate the balance sheet information of consolidated VIEs, we considered the similarity of each VIE, including the primary purpose of these entities to own, manage, operate, and lease real estate properties owned by the VIEs, and the similar nature of our involvement in each VIE as a managing member. Due to the similarity of the characteristics, we present the balance sheet information of these entities on an aggregated basis. None of our consolidated VIEs’ assets have restrictions that limit their use to settle specific obligations of the VIE. There are no creditors or other partners of our consolidated VIEs that have recourse to our general credit, and our maximum exposure to our consolidated VIEs is limited to our variable interests in each VIE, except for our 99 Coolidge Avenue real estate joint venture in which the VIE’s secured construction loan is guaranteed by us. Refer to Note 10 – “Secured and unsecured senior debt” to our consolidated financial statements for additional information. Unconsolidated real estate joint ventures Our maximum exposure to our unconsolidated VIEs is limited to our investment in each VIE, except for our 1450 Research Boulevard and 101 West Dickman Street unconsolidated real estate joint ventures in which we guarantee up to $6.7 million of the outstanding balance related to each VIE’s secured loan. Our investments in unconsolidated real estate joint ventures, accounted for under the equity method and classified in investments in unconsolidated real estate joint ventures in our consolidated balance sheet s, consisted of the following as of December 31, 2024 and 2023 (in thousands): December 31, Property 2024 2023 1655 and 1725 Third Street $ 10,574 $ 11,718 1450 Research Boulevard 9,193 6,041 101 West Dickman Street 9,749 9,290 Other 10,357 10,731 $ 39,873 $ 37,780 1401/1413 Research Boulevard We held a 65.0% ownership interest in an unconsolidated real estate joint venture at 1401/1413 Research Boulevard located in our Rockville submarket of Maryland. In October 2024, this unconsolidated real estate joint venture completed the sale of its sole real estate asset, a retail shopping center aggregating 84,837 RSF , and repaid its debt during the three months ended December 31, 2024 . We received cash proceeds, net of ou r $18.6 million share of the debt balance , approximating our $3.3 million share of the gain on sale classified in equity in earnings of unconsolidated real estate joint ventures in our consolidated statement of operations. The unconsolidated joint venture is in the process of dissolution, pending completion of regulatory and legal requirements. The following table presents key terms related to our unconsolidated real estate joint ventures’ secured loans as of December 31, 2024 (dollars in thousands): At 100% Our Share Unconsolidated Joint Venture Maturity Date Stated Rate Interest Rate (1) Aggregate Commitment Debt Balance (2) 1655 and 1725 Third Street (3) 3/10/25 4.50% 4.57% $ 600,000 $ 599,930 10.0% 101 West Dickman Street 11/10/26 SOFR + 1.95% (4) 6.36% 26,750 18,884 58.4% 1450 Research Boulevard 12/10/26 SOFR + 1.95% (4) 6.42% 13,000 8,637 73.2% $ 639,750 $ 627,451 (1) Includes interest expense and amortization of loan fees. (2) Represents outstanding principal, net of unamortized deferred financing costs, as of December 31, 2024 . (3) The unconsolidated real estate joint venture is in the process of refinancing approximately $500 million of this debt with a new secured note payable, which is expected to close in the first quarter of 2025. The remaining debt balance of approximately $100 million will be repaid through contributions from the joint venture partners. We expect to contribute our share of approximately $10 million in the first quarter of 2025. As of December 31, 2024 , our investment in this unconsolidated real estate joint venture was $10.6 million . (4) This loan is subject to a fixed SOFR floor of 0.75%.

Leases (Notes)

Leases (Notes)	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Leases	Refer to “ Lease accounting ” in Note 2 – “Summary of significant accounting policies” to our consolidated financial statements for information about lease accounting standards that set principles for the recognition, measurement, presentation, and disclosure of leases for both parties to a lease agreement (i.e., lessees and lessors). Leases in which we are the lessor As of December 31, 2024 , we had 391 properties aggregating 39.8 million operating RSF in key cluster locations, including Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle, and New York City. We primarily focus on developing Class A/A+ properties in AAA life science innovation cluster locations that offer the scale and strategic design integral to our Megacampus strategy. Strategically located near top academic and medical research institutions and equipped with curated amenities and services, and convenient access to transit, our Megacampus ecosystems are designed to support our tenants in attracting and retaining top talent, which we believe is a key driver of tenant demand for our properties. As of December 31, 2024 , a ll leases in which we are the lessor were classified as operating leases, with the exception of one direct financing lease . Our leases are described below. Operating leases As of December 31, 2024 , our 391 properties were subject to operating lease agreements. Four of these properties are subject to operating lease agreements that each contain a purchase option as described below: (i) Two of these properties, representing two land parcels, are subject to lease agreements that each contain an option for the lessee to purchase the underlying asset from us at fair market value during each of the 30-day periods commencing on the dates that are 15 years , 30 years , and 74.5 years after the rent commencement date of October 1, 2017 . The remaining lease term related to each of the two land parcels is 67.9 years . (ii) Two operating properties, held by a consolidated real estate joint venture, are subject to purchase options held by our partner in this joint venture, which is also a tenant at these properties. One purchase option allows our partner to purchase our 30% interest in one property for $40.0 million in 2031 . Contingent upon the exercise of this option, the second purchase option allows our partner to purchase our 30% interest in one property for $69.1 million in 2034 . Our partner’s remaining lease terms for these operating leases are 19.7 years and 6.2 years , respectively. We evaluated the impact of the purchase options on the classifications of the existing operating leases and determined that each lease continues to meet the criteria for classification as an operating lease. Certain operating leases contain options for the tenant to extend their lease at prevailing market rates at the time of expiration. In addition, certain operating leases contain an early termination option that requires advance notification and payment of an early termination fee by the tenant. At the commencement of each lease, we establish the lease term comprised of the noncancelable period for each lease together with periods covered by options to extend or terminate the lease that we determine the lessee is reasonably certain to exercise. Our assessment of whether a lessee is reasonably certain to exercise or not exercise an option considers all economic factors relevant to the assessment, including property-based, market-based, and tenant-based factors. Future lease payments to be received under the terms of our operating lease agreements, excluding expense reimbursements, in effect as of December 31, 2024 are outlined in the table below (in thousands): Year Amount 2025 $ 1,849,925 2026 1,775,175 2027 1,708,433 2028 1,577,208 2029 1,460,001 Thereafter 9,503,137 Total $ 17,873,879 Refer to Note 3 – “Investments in real estate” to our consolidated financial statements for additional information about our owned real estate assets, which are the underlying assets under our operating leases. Direct financing lease As of December 31, 2024 , we had one direct financing lease agreement , with a net investment balance of $41.5 million , for a parking structure with a remaining lease term of 67.9 years . The lessee has an option to purchase the underlying asset at fair market value during each of the 30 -day periods commencing on the dates that are 15 years , 30 years , and 74.5 years after the rent commencement date of October 1, 2017 . The components of our aggregate net investment in our direct financing lease as of December 31, 2024 and 2023 are summarized in the table below (in thousands): December 31, 2024 2023 Gross investment in direct financing lease $ 251,405 $ 253,324 Less: unearned income on direct financing lease (207,734) (210,388) Less: provision for expected credit losses (2,168) (2,839) Net investment in direct financing lease $ 41,503 $ 40,097 During the year ended December 31, 2024 , we recorded an adjustment of $671 thousand to reduce our estimated expected credit loss related to our direct financing lease to $2.2 million as of December 31, 2024 from $2.8 million as of December 31, 2023 . We estimate an expected credit loss related to our direct financing lease using a probability of default methodology that incorporates the credit rating of the borrower to evaluate the probability of default, and projected value of the real estate assets securing the investment to estimate recoveries in the event of default, among other inputs. The adjustment during the year ended December 31, 2024 was recognized in other income in our consolidated statement of operations in connection with the improvement of the credit rating of the lessee. For further details, refer to “ Provision for expected credit losses ” in Note 2 – “Summary of significant accounting policies” to our consolidated financial statements. Future lease payments to be received under the terms of our direct financing lease as of December 31, 2024 are outlined in the table below (in thousands): Year Total 2025 $ 1,976 2026 2,036 2027 2,097 2028 2,160 2029 2,224 Thereafter 240,912 Total $ 251,405 Income from rentals Our income from rentals includes revenue related to agreements for the rental of our real estate, which primarily includes revenues subject to the lease accounting standard and the revenue recognition accounting standard as shown below (in thousands): Year Ended December 31, 2024 2023 2022 Income from rentals: Revenues subject to the lease accounting standard: Operating leases $ 3,005,137 $ 2,802,567 $ 2,534,862 Direct financing leases 2,653 2,608 3,094 Revenues subject to the lease accounting standard 3,007,790 2,805,175 2,537,956 Revenues subject to the revenue recognition accounting standard 41,916 37,281 38,084 Income from rentals $ 3,049,706 $ 2,842,456 $ 2,576,040 Our revenues that are subject to the revenue recognition accounting standard and are classified in income from rentals consist primarily of short-term parking revenues that are not considered lease revenues under the lease accounting standard. Refer to “ Revenues ” and “ Recognition of revenue arising from contracts with customers ” in Note 2 – “Summary of significant accounting policies” to our consolidated financial statements for additional information. Deferred leasing costs The following table summarizes our deferred leasing costs as of December 31, 2024 and 2023 (in thousands): December 31, 2024 2023 Deferred leasing costs $ 1,061,924 $ 1,035,339 Accumulated amortization (575,965) (525,941) Deferred leasing costs, net $ 485,959 $ 509,398 Residual value risk management strategy Our leases do not have guarantees of residual value on the underlying assets. We manage risk associated with the residual value of our leased assets by (i) evaluating each potential acquisition of real estate to determine whether it meets our business objective to invest primarily in high-demand markets, (ii) directly managing our leased properties, conducting frequent property inspections, proactively addressing potential maintenance issues before they arise, and/or timely resolving any occurring issues, and (iii) carefully selecting our tenants and monitoring their credit quality throughout their respective lease terms. Leases in which we are the lessee Operating lease agreements We have operating lease agreements in which we are the lessee consisting of ground and office leases. Certain of these leases have options to extend or terminate the contract terms upon meeting certain criteria. There are no notable restrictions or covenants imposed by the leases, nor guarantees of residual value. We recognize a right-of-use asset, which is classified within other assets in our consolidated balance sheets, and a related liability, which is classified within accounts payable, accrued expenses, and other liabilities in our consolidated balance sheets, to account for our future obligations under ground and office lease arrangements in which we are the lessee. Refer to “ Lessee accounting ” in Note 2 – “Summary of significant accounting policies” to our consolidated financial statements. As of December 31, 2024 , the present value of the remaining contractual payments aggregating $949.4 million under our operating lease agreements, including our extension options that we are reasonably certain to exercise, was $507.1 million . Our corresponding operating lease right-of-use assets, adjusted for initial direct leasing costs and other consideration exchanged with the landlord prior to the commencement of the lease, aggregated $764.5 million . As of December 31, 2024 , the weighted-average remaining lease term of operating leases in which we are the lessee was approximately 56 years , including extension options that we are reasonably certain to exercise, and the weighted-average discount rate was 4.9% . The weighted-average discount rate is based on the incremental borrowing rate estimated for each lease, which is the interest rate that we estimate we would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments. Included in the operating lease liability balance as of December 31, 2024 is the $134.3 million liability related to an amendment to our existing ground lease agreement at the Alexandria Technology Square ® Megacampus aggregating 1.2 million RSF in our Cambridge submarket , which extended the lease term by 24 years from January 1, 2065 to December 31, 2088 . The amendment required that we prepay our entire rent obligation for the extended lease term aggregating $270.0 million in two equal installments in December 2024 and in January 2025. In December 2024, we made the first installment payment aggregating $135.0 million . On January 14, 2025 , we made the second and final installment payment of $135.0 million . Ground lease obligations as of December 31, 2024 , included leases for 32 of our properties, which accounted for approximately 8% of our total number of properties. Excluding one ground lease that expires in 2036 related to one operating property with a net book value of $5.6 million as of December 31, 2024 , our ground lease obligations have remaining lease terms ranging from approximately 30 to 82 years , including extension options that we are reasonably certain to exercise. The reconciliation of future lease payments under noncancelable operating leases in which we are the lessee to the operating lease liability reflected in our consolidated balance sheet as of December 31, 2024 is in the table below (in thousands): Year Total 2025 $ 157,887 2026 23,081 2027 22,162 2028 21,830 2029 21,338 Thereafter 703,148 Total future payments under our operating leases in which we are the lessee 949,446 Effect of discounting (442,319) Operating lease liability $ 507,127 Lessee operating costs Operating lease costs relate to our ground and office leases in which we are the lessee. Ground leases generally require fixed annual rent payments and may also include escalation clauses and renewal options. For the years ended December 31, 2024 , 2023 , and 2022 , amounts paid and classified as operating activities in our consolidated statements of cash flows for leases in which we are the lessee were $167.8 million , $32.2 million , and $55.2 million , respectively. The increase in 2024 from 2023 primarily relates to a $135.0 million payment made in December 2024 in connection with an amendment to our ground lease agreement at the Alexandria Technology Square ® Megacampus, as described in the previous section. The decrease in 2023 from 2022 primarily relates to a $26.3 million payment made during the three months ended March 31, 2022 in connection with the execution of ground lease extensions at two properties in our Greater Stanford submarket . Our operating lease obligations related to our office leases have remaining terms of up to 12 years , exclusive of extension options. For the years ended December 31, 2024 , 2023 , and 2022 , our costs for operating leases in which we are the lessee were as follows (in thousands): Year Ended December 31, 2024 2023 2022 Gross operating lease costs $ 40,740 $ 39,879 $ 36,527 Capitalized lease costs (1,780) (5,544) (3,661) Expenses for operating leases in which we are the lessee $ 38,960 $ 34,335 $ 32,866
Leases	Refer to “ Lease accounting ” in Note 2 – “Summary of significant accounting policies” to our consolidated financial statements for information about lease accounting standards that set principles for the recognition, measurement, presentation, and disclosure of leases for both parties to a lease agreement (i.e., lessees and lessors). Leases in which we are the lessor As of December 31, 2024 , we had 391 properties aggregating 39.8 million operating RSF in key cluster locations, including Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle, and New York City. We primarily focus on developing Class A/A+ properties in AAA life science innovation cluster locations that offer the scale and strategic design integral to our Megacampus strategy. Strategically located near top academic and medical research institutions and equipped with curated amenities and services, and convenient access to transit, our Megacampus ecosystems are designed to support our tenants in attracting and retaining top talent, which we believe is a key driver of tenant demand for our properties. As of December 31, 2024 , a ll leases in which we are the lessor were classified as operating leases, with the exception of one direct financing lease . Our leases are described below. Operating leases As of December 31, 2024 , our 391 properties were subject to operating lease agreements. Four of these properties are subject to operating lease agreements that each contain a purchase option as described below: (i) Two of these properties, representing two land parcels, are subject to lease agreements that each contain an option for the lessee to purchase the underlying asset from us at fair market value during each of the 30-day periods commencing on the dates that are 15 years , 30 years , and 74.5 years after the rent commencement date of October 1, 2017 . The remaining lease term related to each of the two land parcels is 67.9 years . (ii) Two operating properties, held by a consolidated real estate joint venture, are subject to purchase options held by our partner in this joint venture, which is also a tenant at these properties. One purchase option allows our partner to purchase our 30% interest in one property for $40.0 million in 2031 . Contingent upon the exercise of this option, the second purchase option allows our partner to purchase our 30% interest in one property for $69.1 million in 2034 . Our partner’s remaining lease terms for these operating leases are 19.7 years and 6.2 years , respectively. We evaluated the impact of the purchase options on the classifications of the existing operating leases and determined that each lease continues to meet the criteria for classification as an operating lease. Certain operating leases contain options for the tenant to extend their lease at prevailing market rates at the time of expiration. In addition, certain operating leases contain an early termination option that requires advance notification and payment of an early termination fee by the tenant. At the commencement of each lease, we establish the lease term comprised of the noncancelable period for each lease together with periods covered by options to extend or terminate the lease that we determine the lessee is reasonably certain to exercise. Our assessment of whether a lessee is reasonably certain to exercise or not exercise an option considers all economic factors relevant to the assessment, including property-based, market-based, and tenant-based factors. Future lease payments to be received under the terms of our operating lease agreements, excluding expense reimbursements, in effect as of December 31, 2024 are outlined in the table below (in thousands): Year Amount 2025 $ 1,849,925 2026 1,775,175 2027 1,708,433 2028 1,577,208 2029 1,460,001 Thereafter 9,503,137 Total $ 17,873,879 Refer to Note 3 – “Investments in real estate” to our consolidated financial statements for additional information about our owned real estate assets, which are the underlying assets under our operating leases. Direct financing lease As of December 31, 2024 , we had one direct financing lease agreement , with a net investment balance of $41.5 million , for a parking structure with a remaining lease term of 67.9 years . The lessee has an option to purchase the underlying asset at fair market value during each of the 30 -day periods commencing on the dates that are 15 years , 30 years , and 74.5 years after the rent commencement date of October 1, 2017 . The components of our aggregate net investment in our direct financing lease as of December 31, 2024 and 2023 are summarized in the table below (in thousands): December 31, 2024 2023 Gross investment in direct financing lease $ 251,405 $ 253,324 Less: unearned income on direct financing lease (207,734) (210,388) Less: provision for expected credit losses (2,168) (2,839) Net investment in direct financing lease $ 41,503 $ 40,097 During the year ended December 31, 2024 , we recorded an adjustment of $671 thousand to reduce our estimated expected credit loss related to our direct financing lease to $2.2 million as of December 31, 2024 from $2.8 million as of December 31, 2023 . We estimate an expected credit loss related to our direct financing lease using a probability of default methodology that incorporates the credit rating of the borrower to evaluate the probability of default, and projected value of the real estate assets securing the investment to estimate recoveries in the event of default, among other inputs. The adjustment during the year ended December 31, 2024 was recognized in other income in our consolidated statement of operations in connection with the improvement of the credit rating of the lessee. For further details, refer to “ Provision for expected credit losses ” in Note 2 – “Summary of significant accounting policies” to our consolidated financial statements. Future lease payments to be received under the terms of our direct financing lease as of December 31, 2024 are outlined in the table below (in thousands): Year Total 2025 $ 1,976 2026 2,036 2027 2,097 2028 2,160 2029 2,224 Thereafter 240,912 Total $ 251,405 Income from rentals Our income from rentals includes revenue related to agreements for the rental of our real estate, which primarily includes revenues subject to the lease accounting standard and the revenue recognition accounting standard as shown below (in thousands): Year Ended December 31, 2024 2023 2022 Income from rentals: Revenues subject to the lease accounting standard: Operating leases $ 3,005,137 $ 2,802,567 $ 2,534,862 Direct financing leases 2,653 2,608 3,094 Revenues subject to the lease accounting standard 3,007,790 2,805,175 2,537,956 Revenues subject to the revenue recognition accounting standard 41,916 37,281 38,084 Income from rentals $ 3,049,706 $ 2,842,456 $ 2,576,040 Our revenues that are subject to the revenue recognition accounting standard and are classified in income from rentals consist primarily of short-term parking revenues that are not considered lease revenues under the lease accounting standard. Refer to “ Revenues ” and “ Recognition of revenue arising from contracts with customers ” in Note 2 – “Summary of significant accounting policies” to our consolidated financial statements for additional information. Deferred leasing costs The following table summarizes our deferred leasing costs as of December 31, 2024 and 2023 (in thousands): December 31, 2024 2023 Deferred leasing costs $ 1,061,924 $ 1,035,339 Accumulated amortization (575,965) (525,941) Deferred leasing costs, net $ 485,959 $ 509,398 Residual value risk management strategy Our leases do not have guarantees of residual value on the underlying assets. We manage risk associated with the residual value of our leased assets by (i) evaluating each potential acquisition of real estate to determine whether it meets our business objective to invest primarily in high-demand markets, (ii) directly managing our leased properties, conducting frequent property inspections, proactively addressing potential maintenance issues before they arise, and/or timely resolving any occurring issues, and (iii) carefully selecting our tenants and monitoring their credit quality throughout their respective lease terms. Leases in which we are the lessee Operating lease agreements We have operating lease agreements in which we are the lessee consisting of ground and office leases. Certain of these leases have options to extend or terminate the contract terms upon meeting certain criteria. There are no notable restrictions or covenants imposed by the leases, nor guarantees of residual value. We recognize a right-of-use asset, which is classified within other assets in our consolidated balance sheets, and a related liability, which is classified within accounts payable, accrued expenses, and other liabilities in our consolidated balance sheets, to account for our future obligations under ground and office lease arrangements in which we are the lessee. Refer to “ Lessee accounting ” in Note 2 – “Summary of significant accounting policies” to our consolidated financial statements. As of December 31, 2024 , the present value of the remaining contractual payments aggregating $949.4 million under our operating lease agreements, including our extension options that we are reasonably certain to exercise, was $507.1 million . Our corresponding operating lease right-of-use assets, adjusted for initial direct leasing costs and other consideration exchanged with the landlord prior to the commencement of the lease, aggregated $764.5 million . As of December 31, 2024 , the weighted-average remaining lease term of operating leases in which we are the lessee was approximately 56 years , including extension options that we are reasonably certain to exercise, and the weighted-average discount rate was 4.9% . The weighted-average discount rate is based on the incremental borrowing rate estimated for each lease, which is the interest rate that we estimate we would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments. Included in the operating lease liability balance as of December 31, 2024 is the $134.3 million liability related to an amendment to our existing ground lease agreement at the Alexandria Technology Square ® Megacampus aggregating 1.2 million RSF in our Cambridge submarket , which extended the lease term by 24 years from January 1, 2065 to December 31, 2088 . The amendment required that we prepay our entire rent obligation for the extended lease term aggregating $270.0 million in two equal installments in December 2024 and in January 2025. In December 2024, we made the first installment payment aggregating $135.0 million . On January 14, 2025 , we made the second and final installment payment of $135.0 million . Ground lease obligations as of December 31, 2024 , included leases for 32 of our properties, which accounted for approximately 8% of our total number of properties. Excluding one ground lease that expires in 2036 related to one operating property with a net book value of $5.6 million as of December 31, 2024 , our ground lease obligations have remaining lease terms ranging from approximately 30 to 82 years , including extension options that we are reasonably certain to exercise. The reconciliation of future lease payments under noncancelable operating leases in which we are the lessee to the operating lease liability reflected in our consolidated balance sheet as of December 31, 2024 is in the table below (in thousands): Year Total 2025 $ 157,887 2026 23,081 2027 22,162 2028 21,830 2029 21,338 Thereafter 703,148 Total future payments under our operating leases in which we are the lessee 949,446 Effect of discounting (442,319) Operating lease liability $ 507,127 Lessee operating costs Operating lease costs relate to our ground and office leases in which we are the lessee. Ground leases generally require fixed annual rent payments and may also include escalation clauses and renewal options. For the years ended December 31, 2024 , 2023 , and 2022 , amounts paid and classified as operating activities in our consolidated statements of cash flows for leases in which we are the lessee were $167.8 million , $32.2 million , and $55.2 million , respectively. The increase in 2024 from 2023 primarily relates to a $135.0 million payment made in December 2024 in connection with an amendment to our ground lease agreement at the Alexandria Technology Square ® Megacampus, as described in the previous section. The decrease in 2023 from 2022 primarily relates to a $26.3 million payment made during the three months ended March 31, 2022 in connection with the execution of ground lease extensions at two properties in our Greater Stanford submarket . Our operating lease obligations related to our office leases have remaining terms of up to 12 years , exclusive of extension options. For the years ended December 31, 2024 , 2023 , and 2022 , our costs for operating leases in which we are the lessee were as follows (in thousands): Year Ended December 31, 2024 2023 2022 Gross operating lease costs $ 40,740 $ 39,879 $ 36,527 Capitalized lease costs (1,780) (5,544) (3,661) Expenses for operating leases in which we are the lessee $ 38,960 $ 34,335 $ 32,866
Leases	Refer to “ Lease accounting ” in Note 2 – “Summary of significant accounting policies” to our consolidated financial statements for information about lease accounting standards that set principles for the recognition, measurement, presentation, and disclosure of leases for both parties to a lease agreement (i.e., lessees and lessors). Leases in which we are the lessor As of December 31, 2024 , we had 391 properties aggregating 39.8 million operating RSF in key cluster locations, including Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle, and New York City. We primarily focus on developing Class A/A+ properties in AAA life science innovation cluster locations that offer the scale and strategic design integral to our Megacampus strategy. Strategically located near top academic and medical research institutions and equipped with curated amenities and services, and convenient access to transit, our Megacampus ecosystems are designed to support our tenants in attracting and retaining top talent, which we believe is a key driver of tenant demand for our properties. As of December 31, 2024 , a ll leases in which we are the lessor were classified as operating leases, with the exception of one direct financing lease . Our leases are described below. Operating leases As of December 31, 2024 , our 391 properties were subject to operating lease agreements. Four of these properties are subject to operating lease agreements that each contain a purchase option as described below: (i) Two of these properties, representing two land parcels, are subject to lease agreements that each contain an option for the lessee to purchase the underlying asset from us at fair market value during each of the 30-day periods commencing on the dates that are 15 years , 30 years , and 74.5 years after the rent commencement date of October 1, 2017 . The remaining lease term related to each of the two land parcels is 67.9 years . (ii) Two operating properties, held by a consolidated real estate joint venture, are subject to purchase options held by our partner in this joint venture, which is also a tenant at these properties. One purchase option allows our partner to purchase our 30% interest in one property for $40.0 million in 2031 . Contingent upon the exercise of this option, the second purchase option allows our partner to purchase our 30% interest in one property for $69.1 million in 2034 . Our partner’s remaining lease terms for these operating leases are 19.7 years and 6.2 years , respectively. We evaluated the impact of the purchase options on the classifications of the existing operating leases and determined that each lease continues to meet the criteria for classification as an operating lease. Certain operating leases contain options for the tenant to extend their lease at prevailing market rates at the time of expiration. In addition, certain operating leases contain an early termination option that requires advance notification and payment of an early termination fee by the tenant. At the commencement of each lease, we establish the lease term comprised of the noncancelable period for each lease together with periods covered by options to extend or terminate the lease that we determine the lessee is reasonably certain to exercise. Our assessment of whether a lessee is reasonably certain to exercise or not exercise an option considers all economic factors relevant to the assessment, including property-based, market-based, and tenant-based factors. Future lease payments to be received under the terms of our operating lease agreements, excluding expense reimbursements, in effect as of December 31, 2024 are outlined in the table below (in thousands): Year Amount 2025 $ 1,849,925 2026 1,775,175 2027 1,708,433 2028 1,577,208 2029 1,460,001 Thereafter 9,503,137 Total $ 17,873,879 Refer to Note 3 – “Investments in real estate” to our consolidated financial statements for additional information about our owned real estate assets, which are the underlying assets under our operating leases. Direct financing lease As of December 31, 2024 , we had one direct financing lease agreement , with a net investment balance of $41.5 million , for a parking structure with a remaining lease term of 67.9 years . The lessee has an option to purchase the underlying asset at fair market value during each of the 30 -day periods commencing on the dates that are 15 years , 30 years , and 74.5 years after the rent commencement date of October 1, 2017 . The components of our aggregate net investment in our direct financing lease as of December 31, 2024 and 2023 are summarized in the table below (in thousands): December 31, 2024 2023 Gross investment in direct financing lease $ 251,405 $ 253,324 Less: unearned income on direct financing lease (207,734) (210,388) Less: provision for expected credit losses (2,168) (2,839) Net investment in direct financing lease $ 41,503 $ 40,097 During the year ended December 31, 2024 , we recorded an adjustment of $671 thousand to reduce our estimated expected credit loss related to our direct financing lease to $2.2 million as of December 31, 2024 from $2.8 million as of December 31, 2023 . We estimate an expected credit loss related to our direct financing lease using a probability of default methodology that incorporates the credit rating of the borrower to evaluate the probability of default, and projected value of the real estate assets securing the investment to estimate recoveries in the event of default, among other inputs. The adjustment during the year ended December 31, 2024 was recognized in other income in our consolidated statement of operations in connection with the improvement of the credit rating of the lessee. For further details, refer to “ Provision for expected credit losses ” in Note 2 – “Summary of significant accounting policies” to our consolidated financial statements. Future lease payments to be received under the terms of our direct financing lease as of December 31, 2024 are outlined in the table below (in thousands): Year Total 2025 $ 1,976 2026 2,036 2027 2,097 2028 2,160 2029 2,224 Thereafter 240,912 Total $ 251,405 Income from rentals Our income from rentals includes revenue related to agreements for the rental of our real estate, which primarily includes revenues subject to the lease accounting standard and the revenue recognition accounting standard as shown below (in thousands): Year Ended December 31, 2024 2023 2022 Income from rentals: Revenues subject to the lease accounting standard: Operating leases $ 3,005,137 $ 2,802,567 $ 2,534,862 Direct financing leases 2,653 2,608 3,094 Revenues subject to the lease accounting standard 3,007,790 2,805,175 2,537,956 Revenues subject to the revenue recognition accounting standard 41,916 37,281 38,084 Income from rentals $ 3,049,706 $ 2,842,456 $ 2,576,040 Our revenues that are subject to the revenue recognition accounting standard and are classified in income from rentals consist primarily of short-term parking revenues that are not considered lease revenues under the lease accounting standard. Refer to “ Revenues ” and “ Recognition of revenue arising from contracts with customers ” in Note 2 – “Summary of significant accounting policies” to our consolidated financial statements for additional information. Deferred leasing costs The following table summarizes our deferred leasing costs as of December 31, 2024 and 2023 (in thousands): December 31, 2024 2023 Deferred leasing costs $ 1,061,924 $ 1,035,339 Accumulated amortization (575,965) (525,941) Deferred leasing costs, net $ 485,959 $ 509,398 Residual value risk management strategy Our leases do not have guarantees of residual value on the underlying assets. We manage risk associated with the residual value of our leased assets by (i) evaluating each potential acquisition of real estate to determine whether it meets our business objective to invest primarily in high-demand markets, (ii) directly managing our leased properties, conducting frequent property inspections, proactively addressing potential maintenance issues before they arise, and/or timely resolving any occurring issues, and (iii) carefully selecting our tenants and monitoring their credit quality throughout their respective lease terms. Leases in which we are the lessee Operating lease agreements We have operating lease agreements in which we are the lessee consisting of ground and office leases. Certain of these leases have options to extend or terminate the contract terms upon meeting certain criteria. There are no notable restrictions or covenants imposed by the leases, nor guarantees of residual value. We recognize a right-of-use asset, which is classified within other assets in our consolidated balance sheets, and a related liability, which is classified within accounts payable, accrued expenses, and other liabilities in our consolidated balance sheets, to account for our future obligations under ground and office lease arrangements in which we are the lessee. Refer to “ Lessee accounting ” in Note 2 – “Summary of significant accounting policies” to our consolidated financial statements. As of December 31, 2024 , the present value of the remaining contractual payments aggregating $949.4 million under our operating lease agreements, including our extension options that we are reasonably certain to exercise, was $507.1 million . Our corresponding operating lease right-of-use assets, adjusted for initial direct leasing costs and other consideration exchanged with the landlord prior to the commencement of the lease, aggregated $764.5 million . As of December 31, 2024 , the weighted-average remaining lease term of operating leases in which we are the lessee was approximately 56 years , including extension options that we are reasonably certain to exercise, and the weighted-average discount rate was 4.9% . The weighted-average discount rate is based on the incremental borrowing rate estimated for each lease, which is the interest rate that we estimate we would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments. Included in the operating lease liability balance as of December 31, 2024 is the $134.3 million liability related to an amendment to our existing ground lease agreement at the Alexandria Technology Square ® Megacampus aggregating 1.2 million RSF in our Cambridge submarket , which extended the lease term by 24 years from January 1, 2065 to December 31, 2088 . The amendment required that we prepay our entire rent obligation for the extended lease term aggregating $270.0 million in two equal installments in December 2024 and in January 2025. In December 2024, we made the first installment payment aggregating $135.0 million . On January 14, 2025 , we made the second and final installment payment of $135.0 million . Ground lease obligations as of December 31, 2024 , included leases for 32 of our properties, which accounted for approximately 8% of our total number of properties. Excluding one ground lease that expires in 2036 related to one operating property with a net book value of $5.6 million as of December 31, 2024 , our ground lease obligations have remaining lease terms ranging from approximately 30 to 82 years , including extension options that we are reasonably certain to exercise. The reconciliation of future lease payments under noncancelable operating leases in which we are the lessee to the operating lease liability reflected in our consolidated balance sheet as of December 31, 2024 is in the table below (in thousands): Year Total 2025 $ 157,887 2026 23,081 2027 22,162 2028 21,830 2029 21,338 Thereafter 703,148 Total future payments under our operating leases in which we are the lessee 949,446 Effect of discounting (442,319) Operating lease liability $ 507,127 Lessee operating costs Operating lease costs relate to our ground and office leases in which we are the lessee. Ground leases generally require fixed annual rent payments and may also include escalation clauses and renewal options. For the years ended December 31, 2024 , 2023 , and 2022 , amounts paid and classified as operating activities in our consolidated statements of cash flows for leases in which we are the lessee were $167.8 million , $32.2 million , and $55.2 million , respectively. The increase in 2024 from 2023 primarily relates to a $135.0 million payment made in December 2024 in connection with an amendment to our ground lease agreement at the Alexandria Technology Square ® Megacampus, as described in the previous section. The decrease in 2023 from 2022 primarily relates to a $26.3 million payment made during the three months ended March 31, 2022 in connection with the execution of ground lease extensions at two properties in our Greater Stanford submarket . Our operating lease obligations related to our office leases have remaining terms of up to 12 years , exclusive of extension options. For the years ended December 31, 2024 , 2023 , and 2022 , our costs for operating leases in which we are the lessee were as follows (in thousands): Year Ended December 31, 2024 2023 2022 Gross operating lease costs $ 40,740 $ 39,879 $ 36,527 Capitalized lease costs (1,780) (5,544) (3,661) Expenses for operating leases in which we are the lessee $ 38,960 $ 34,335 $ 32,866

Cash, cash equivalents, and res

Cash, cash equivalents, and restricted cash (Notes)	12 Months Ended
	Dec. 31, 2024
Cash, Cash Equivalents, And Restricted Cash [Abstract]
Cash, cash equivalents, and restricted cash	Cash, cash equivalents, and restricted cash consisted of the following as of December 31, 2024 and 2023 (in thousands): December 31, 2024 2023 Cash and cash equivalents $ 552,146 $ 618,190 Restricted cash: Funds held in escrow for real estate acquisitions 2,954 37,434 Other 4,747 5,147 7,701 42,581 Total $ 559,847 $ 660,771

Investments (Notes)

Investments (Notes)	12 Months Ended
	Dec. 31, 2024
Investments [Abstract]
Investment	We hold investments in publicly traded companies and privately held entities primarily involved in the life science industry. As a REIT, we generally limit our ownership of each individual entity’s voting stock to less than 10% . We evaluate each investment to determine whether we have the ability to exercise significant influence, but not control, over an investee. We evaluate investments in which our ownership is equal to or greater than 20%, but less than or equal to 50%, of an investee’s voting stock with a presumption that we have this ability. For our investments in limited partnerships that maintain specific ownership accounts, we presume that such ability exists when our ownership interest exceeds 3% to 5%. In addition to our ownership interest, we consider whether we have a board seat or whether we participate in the investee’s policymaking process, among other criteria, to determine if we have the ability to exert significant influence, but not control, over an investee. If we determine that we have such ability, we account for the investment under the equity method, as described below. From time to time, we may hold equity investments in publicly traded companies that are subject to contractual sale restrictions. We do not recognize a discount related to a contractual sale restriction. Investments accounted for under the equity method Under the equity method of accounting, we initially recognize our investment at cost and subsequently adjust the carrying amount of the investment for our share of earnings or losses reported by the investee, distributions received, and other-than-temporary impairments. As of December 31, 2024 , we had 11 investments in limited partnerships maintaining specific ownership accounts for each investor, which were accounted for under the equity method. These investments aggregated $186.2 million . Our ownership interest in each of these 11 investments was greater than 5%. Investments that do not qualify for the equity method of accounting For investees over which we determine that we do not have the ability to exercise significant influence or control, we account for each investment depending on whether it is an investment in a (i) publicly traded company, (ii) privately held entity that reports NAV per share, or (iii) privately held entity that does not report NAV per share, as described below. Investments in publicly traded companies Our investments in publicly traded companies are classified as investments with readily determinable fair values and are presented at fair value in our consolidated balance sheets, with changes in fair value classified in investment income (loss) in our consolidated statements of operations. The fair values for our investments in publicly traded companies are determined based on sales prices or quotes available on securities exchanges. Investments in privately held companies Our investments in privately held entities without readily determinable fair values consist of (i) investments in privately held entities that report NAV per share and (ii) investments in privately held entities that do not report NAV per share. These investments are accounted for as follows: Investments in privately held entities that report NAV per share Investments in privately held entities that report NAV per share, such as our privately held investments in limited partnerships, are presented at fair value using NAV as a practical expedient, with changes in fair value classified in investment income (loss) in our consolidated statements of operations. We use NAV per share reported by limited partnerships generally without adjustment, unless we are aware of information indicating that the NAV reported by a limited partnership does not accurately reflect the fair value of the investment at our reporting date. Investments in privately held entities that do not report NAV per share Investments in privately held entities that do not report NAV per share are accounted for using a measurement alternative under which these investments are measured at cost, adjusted for observable price changes and impairments, with changes classified in investment income (loss) in our consolidated statements of operations. An observable price arises from an orderly transaction for an identical or similar investment of the same issuer, which is observed by an investor without expending undue cost and effort. Observable price changes result from, among other things, equity transactions of the same issuer executed during the reporting period, including subsequent equity offerings or other reported equity transactions related to the same issuer. To determine whether these transactions are indicative of an observable price change, we evaluate, among other factors, whether these transactions have similar rights and obligations, including voting rights, distribution preferences, and conversion rights to the investments we hold. Impairment evaluation of equity method investments and investments in privately held entities that do not report NAV per share We monitor equity method investments and investments in privately held entities that do not report NAV per share for new developments, including operating results, prospects and results of clinical trials, new product initiatives, new collaborative agreements, capital-raising events, and merger and acquisition activities. These investments are evaluated on the basis of a qualitative assessment for indicators of impairment by monitoring the presence of the following triggering events or impairment indicators: (i) a significant deterioration in the earnings performance, credit rating, asset quality, or business prospects of the investee; (ii) a significant adverse change in the regulatory, economic, or technological environment of the investee; (iii) a significant adverse change in the general market condition, including the research and development of technology and products that the investee is bringing or attempting to bring to the market; (iv) significant concerns about the investee’s ability to continue as a going concern; and/or (v) a decision by investors to cease providing support or reduce their financial commitment to the investee. If such indicators are present, we are required to estimate the investment’s fair value and immediately recognize an impairment charge in an amount equal to the investment’s carrying value in excess of its estimated fair value. Investment income/loss recognition and classification We recognize both realized and unrealized gains and losses in our consolidated statements of operations, classified in investment income (loss) in our consolidated statements of operations. Unrealized gains and losses represent: (i) changes in fair value for investments in publicly traded companies; (ii) changes in NAV for investments in privately held entities that report NAV per share; (iii) observable price changes for investments in privately held entities that do not report NAV per share; and (iv) our share of unrealized gains or losses reported by our equity method investees. Realized gains and losses on our investments represent the difference between proceeds received upon disposition of investments and their historical or adjusted cost basis. For our equity method investments, realized gains and losses represent our share of realized gains or losses reported by the investee. Impairments are realized losses, which result in an adjusted cost basis, and represent charges to reduce the carrying values of investments in privately held entities that do not report NAV per share and equity method investments, if impairments are deemed other than temporary, to their estimated fair value. Funding commitments to investments in privately held entities that report NAV We are committed to funding approximately $372.9 million for our investments in privately held entities that report NAV. Our funding commitments expire at various dates over the next 12 years , with a weighted-average expiration o f 8.2 years as of December 31, 2024 . These investments are not redeemable by us, but we may receive distributions from these investments throughout their terms. Our investments in privately held entities that report NAV generally have expected initial terms in e xcess of 10 years . The weighted-average remaining term during which these investments are expected to be liquidated was 5.3 years as of December 31, 2024 . The following tables summarize our investments as of December 31, 2024 and 2023 (in thousands): December 31, 2024 Cost Unrealized Gains Unrealized Losses Carrying Amount Publicly traded companies $ 188,653 $ 24,262 $ (107,248) $ 105,667 Entities that report NAV 518,074 126,077 (34,285) 609,866 Entities that do not report NAV: Entities with observable price changes 99,932 77,761 (2,956) 174,737 Entities without observable price changes 400,487 — — 400,487 Investments accounted for under the equity method N/A N/A N/A 186,228 Total investments $ 1,207,146 $ 228,100 $ (144,489) $ 1,476,985 December 31, 2023 Cost Unrealized Gains Unrealized Losses Carrying Amount Publicly traded companies $ 203,467 $ 50,377 $ (94,278) $ 159,566 Entities that report NAV 507,059 192,468 (27,995) 671,532 Entities that do not report NAV: Entities with observable price changes 97,892 77,600 (1,224) 174,268 Entities without observable price changes 368,654 — — 368,654 Investments accounted for under the equity method N/A N/A N/A 75,498 Total investments $ 1,177,072 $ 320,445 $ (123,497) $ 1,449,518 Cumulative gains and losses (realized and unrealized) on investments in privately held entities that do not report NAV still held as of December 31, 2024 aggregated to a loss of $90.4 million , which consisted of upward adjustments aggregating $77.8 million , d ownward adjustments aggregating $3.0 million , and impairments aggregating $165.2 million . Our investment income (loss) for the years ended December 31, 2024 , 2023 , and 2022 consisted of the following (in thousands): Year Ended December 31, 2024 2023 2022 Realized gains $ 59,124 (1) $ 6,078 $ 80,435 Unrealized losses (112,246) (201,475) (412,193) Investment loss $ (53,122) $ (195,397) $ (331,758) (1) Consists of realized gains of $117.2 million , partially offset by impairment charges of $58.1 million during the year ended December 31, 2024 . During the year ended December 31, 2024 , gains and losses on investments in privately held entities that do not report NAV still held as of December 31, 2024 aggregated to a loss of $37.7 million , which consisted of u pward adjustments aggregating $22.8 million and downward adjustments and impairments aggregating $60.5 million . During the year ended December 31, 2023 , gains and losses on investments in privately held entities that do not report NAV still held as of December 31, 2023 aggregated to a loss of $77.7 million , which consisted of upward adjustments aggregating $16.8 million and downward adjustments and impairments aggregating $94.6 million . During the year ended December 31, 2022 , gains and losses on investments in privately held entities that do not report NAV still held as of December 31, 2022 aggregated to a loss of $18.3 million , which consisted of upward adjustments aggregating $26.3 million and downward adjustments and impairments aggregating $44.6 million . Unrealized gains or losses related to investments still held (excluding investments accounted for under the equity method) as of December 31, 2024 , 2023 , and 2022 aggregated to losses of $32.7 million , $58.8 million , and $276.5 million , respectively. Our investment loss of $53.1 million for the year ended December 31, 2024 also included $2.6 million of equity in losses of our equity method investments. Refer to “Investments” in Note 2 – “Summary of significant accounting policies” to our consolidated financial statements for additional information.

Other assets (Notes)

Other assets (Notes)	12 Months Ended
	Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	The following table summarizes the components of other assets as of December 31, 2024 and 2023 (in thousands): December 31, 2024 2023 Acquired in-place leases $ 305,144 $ 461,613 Deferred compensation plan 47,727 40,365 Deferred financing costs – unsecured senior line of credit 49,056 (1) 30,897 Deposits 21,768 25,863 Furniture, fixtures, equipment, and software 39,558 26,560 Net investment in direct financing lease 41,503 40,097 Notes receivable 120,546 (2) 15,841 Operating lease right-of-use assets 764,472 (3) 516,452 Other assets 96,690 88,453 Prepaid expenses 33,567 30,969 Property, plant, and equipment 141,275 144,784 Total $ 1,661,306 $ 1,421,894 (1) Increase is primarily due to the amendment and restatement of our unsecured senior line of credit to extend the maturity da te from January 22, 2028 to January 22, 2030 , which was completed in September 2024. Refer to Note 10 – “Secured and unsecured senior debt” to our consolidated financial sta tements for additional information. (2) Increase is attributable to the seller financing provided in December 2024 to the buyers of our real estate assets. Refer to "Notes receivable” below for additional information. (3) Includes the operating lease right-of-use asset related to an amendment executed in July 2024 to our existing ground lease agreement at the Alexandria Technology Square ® Megacampus . Refer to “Leases in which we are the lessee” in Note 5 – “Leases” to our consolidated financial statements for additional information. Notes receivable Our notes receivable as of December 31, 2024 consisted of the following (dollars in thousands): Notes Receivable Effective Interest Rate Maturity Date Balance Secured by real estate assets in San Diego 8.6% 7/5/29 $ 103,427 Other 17,356 Less: provision for expected credit losses (237) Notes receivable $ 120,546 Our notes receivable represent held-to-maturity debt securities carried at amortized costs and are generally secured by real estate. Under the current expected credit losses accounting standard, we are required to estimate and, if necessary, recognize expected credit losses related to these notes. We do not have a history of losses on such securities; therefore, we utilize available information on historical losses for the commercial real estate industry. We determine expected credit losses for our notes receivable using historical industry losses and considering loan-specific information, including credit ratings of the borrowers, estimated fair values of underlying real estate assets, loan-to-value ratios, the presence of guarantors, and/or other available information. During the three months ended December 31, 2024 , we recognized a provision for expected credit losses of $237 thousand related to our notes receivabl e, reducing the notes receivable balance in our consolidated balance sheet and other income in our consolidated statement of operations accordingly. This provision will be reevaluated periodically, with any necessary adjustments recognized in the corresponding

Fair value measurements (Notes)

Fair value measurements (Notes)	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Fair value measurements	We provide fair value information about all financial instruments for which it is practicable to estimate fair value. We measure and disclose the estimated fair value of financial assets and liabilities by utilizing a fair value hierarchy that distinguishes between data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. This hierarchy consists of three broad levels, as follows: (i) quoted prices in active markets for identical assets or liabilities (Level 1), (ii) significant other observable inputs (Level 2), and (iii) significant unobservable inputs (Level 3). Significant other observable inputs can include quoted prices for similar assets or liabilities in active markets, as well as inputs that are observable for the asset or liability, such as interest rates, foreign exchange rates, and yield curves. Significant unobservable inputs are typically based on an entity’s own assumptions, since there is little, if any, related market activity. In instances in which the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level of input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Assets and liabilities measured at fair value on a recurring basis The following table sets forth the assets that we measure at fair value on a recurring basis by level in the fair value hierarchy (in thousands). There were no liabilities measured at fair value on a recurring basis as of December 31, 2024 and 2023 . There were no transfers of assets measured at fair value on a recurring basis to or from Level 3 in the fair value hierarchy during the year ended December 31, 2024 . Fair Value Measurement Using Description Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Investments in publicly traded companies: As of December 31, 2024 $ 105,667 $ 105,667 $ — $ — As of December 31, 2023 $ 159,566 $ 159,566 $ — $ — Our investments in publicly traded companies represent investments with readily determinable fair values, and are carried at fair value, with changes in fair value classified in investment income (loss) in our consolidated financial statements. We also hold investments in privately held entities, which consist of (i) investments that report NAV and (ii) investments that do not report NAV, as further described below. Our investments in privately held entities that report NAV, such as our privately held investments in limited partnerships, are carried at fair value using NAV as a practical expedient, with changes in fair value classified in net income . As of December 31, 2024 and 2023 , the carrying values of investments in privately held entities that report NAV aggregated $609.9 million and $671.5 million , respectively. These investments are excluded from the fair value hierarchy above as required by the fair value accounting standard. We estimate the fair value of each of our investments in limited partnerships based on the most recent NAV reported by each limited partnership. As a result, the determination of fair values of our investments in privately held entities that report NAV generally does not involve significant estimates, assumptions, or judgments. Assets and liabilities measured at fair value on a nonrecurring basis The following table sets forth the assets measured at fair value on a nonrecurring basis by level within the fair value hierarchy as of December 31, 2024 and 2023 (in thousands). Fair Value Measurement Using Description Carrying Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Real estate assets held for sale with carrying values adjusted to fair value less costs to sell: As of December 31, 2024 $ 322,662 (1) $ — $ — $ 322,662 (2) As of December 31, 2023 $ 133,885 (1) $ — $ — $ 133,885 (2) Investments in privately held entities that do not report NAV: As of December 31, 2024 $ 184,236 $ — $ 174,737 (3) $ 9,499 (4) As of December 31, 2023 $ 188,689 $ — $ 174,268 (3) $ 14,421 (4) (1) These amounts are included in the total balances of our net assets classified as held for sale aggregating $371.3 million and $191.4 million as of December 31, 2024 and 2023 , respectively, disclosed in Note 3 – “Investments in real estate” and represent assets held for sale as of December 31, 2024 and 2023 , respectively, for which impairments were recognized. (2) These amounts represent the aggregate carrying amounts of assets held for sale after adjustments to their respective fair values less costs to sell based on executed purchase and sale agreements, letters of intent, or valuations provided by third-party real estate brokers. (3) These amounts represent the total carrying amounts of our equity investments in privately held entities with observable price changes, which are included in the investments balances of $1.5 billion and $1.4 billion in our consolidated balance sheets as of December 31, 2024 and 2023 , respectively, disclosed in Note 7 – “Investments” to our consolidated financial statements. (4) These amounts are included in the investments in privately held entities without observable price changes balances aggregating $400.5 million and $368.7 million as of December 31, 2024 and 2023 , respectively, disclosed in Note 7 – “Investments” to our consolidated financial statements. The aforementioned balances represent the carrying amounts of investments in privately held entities that do not report NAV for which impairments have been recognized in accordance with the measurement alternative guidance described in “ Investments ” in Note 2 – “Summary of significant accounting policies” to our consolidated financial statements. Real estate assets classified as held for sale measured at fair value less costs to sell Our real estate assets classified as held for sale and measured at fair value less costs to sell are presented in the table above. These properties are subsets of our total real estate assets classified as held for sale as of December 31, 2024 and 2023 , respectively. The fair values for these real estate assets were estimated based on executed purchase and sale agreements, letters of intent, or valuations provided by third-party real estate brokers. Refer to “Investments in real estate” in Note 2 – “Summary of significant accounting policies,” and “ Sales of real estate assets and impairment charges ” within Note 3 – “Investments in real estate” to our consolidated financial statements for additional information. Investments in privately held entities that do not report NAV Our investments in privately held entities that do not report NAV are measured at cost, adjusted for observable price changes and impairments, with changes recognized in net income (loss) . These investments are adjusted based on the observable price changes in orderly transactions for the identical or similar investment of the same issuer. Further adjustments are not made until another observable transaction occurs. Therefore, the determination of fair values of our investments in privately held entities that do not report NAV does not involve significant estimates and assumptions or subjective and complex judgments. We also subject our investments in privately held entities that do not report NAV to a qualitative assessment for indicators of impairment. If indicators of impairment are present, we are required to estimate the investment’s fair value and immediately recognize an impairment charge in an amount equal to the investment’s carrying value in excess of its estimated fair value. The estimates of fair value typically incorporate valuation techniques that include an income approach reflecting a discounted cash flow analysis, and a market approach that includes a comparative analysis of acquisition multiples and pricing multiples generated by market participants. In certain instances, we may use multiple valuation techniques for a particular investment and estimate its fair value based on an average of multiple valuation results. Refer to Note 7 – “Investments” to our consolidated financial statements for additional information. Assets and liabilities not measured at fair value in the statement of financial position but for which the fair value is disclosed The fair values of our secured notes payable and unsecured senior notes payable, and the amounts outstanding on our unsecured senior line of credit and commercial paper program, were estimated using widely accepted valuation techniques, including discounted cash flow analyses using significant other observable inputs such as available market information on discount and borrowing rates with similar terms, maturities, and credit ratings. Because the valuations of our financial instruments are based on these types of estimates, the actual fair value of our financial instruments may differ materially if our estimates do not prove to be accurate. Additionally, the use of different market assumptions or estimation methods may have a material effect on the estimated fair value amounts. As of December 31, 2024 and 2023 , the book and estimated fair values of our secured notes payable and unsecured senior notes payable and the amounts outstanding under our unsecured senior line of credit and commercial paper program, including the level within the fair value hierarchy for which the estimates were derived, were as follows (in thousands): December 31, 2024 Book Value Fair Value Hierarchy Estimated Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Liabilities: Secured notes payable $ 149,909 $ — $ 149,413 $ — $ 149,413 Unsecured senior notes payable $ 12,094,465 $ — $ 10,472,993 $ — $ 10,472,993 Unsecured senior line of credit $ — $ — $ — $ — $ — Commercial paper program $ — $ — $ — $ — $ — December 31, 2023 Book Value Fair Value Hierarchy Estimated Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Liabilities: Secured notes payable $ 119,662 $ — $ 118,660 $ — $ 118,660 Unsecured senior notes payable $ 11,096,028 $ — $ 9,708,930 $ — $ 9,708,930 Unsecured senior line of credit $ — $ — $ — $ — $ — Commercial paper program $ 99,952 $ — $ 99,915 $ — $ 99,915 The carrying values of cash and cash equivalents, restricted cash, tenant receivables, deposits, notes receivable, accounts

Secured and unsecured senior de

Secured and unsecured senior debt (Notes)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Secured and unsecured senior debt	The following table summarizes our outstanding indebtedness and respective principal payments remaining as of December 31, 2024 (dollars in thousands): Stated Rate Interest Rate (1) Maturity Date (2) Principal Payments Remaining for the Periods Ending December 31, Unamortized (Deferred Financing Cost), (Discount) Premium Debt 2025 2026 2027 2028 2029 Thereafter Principal Total Secured notes payable Greater Boston (3) SOFR+ 2.70% 7.52% 11/19/26 $ — $ 149,594 $ — $ — $ — $ — $ 149,594 $ (272) $ 149,322 San Francisco Bay Area 6.50% 6.50 7/1/36 34 36 38 41 44 394 587 — 587 Secured debt weighted-average interest rate/subtotal 7.51 34 149,630 38 41 44 394 150,181 (272) 149,909 Unsecured senior line of credit and commercial paper program (4) (4) N/A (4) 1/22/30 (4) — — — — — — — — — Unsecured senior notes payable 3.45% 3.62 4/30/25 600,000 — — — — — 600,000 (296) 599,704 Unsecured senior notes payable 4.30% 4.50 1/15/26 — 300,000 — — — — 300,000 (532) 299,468 Unsecured senior notes payable 3.80% 3.96 4/15/26 — 350,000 — — — — 350,000 (653) 349,347 Unsecured senior notes payable 3.95% 4.13 1/15/27 — — 350,000 — — — 350,000 (1,067) 348,933 Unsecured senior notes payable 3.95% 4.07 1/15/28 — — — 425,000 — — 425,000 (1,312) 423,688 Unsecured senior notes payable 4.50% 4.60 7/30/29 — — — — 300,000 — 300,000 (1,027) 298,973 Unsecured senior notes payable 2.75% 2.87 12/15/29 — — — — 400,000 — 400,000 (2,064) 397,936 Unsecured senior notes payable 4.70% 4.81 7/1/30 — — — — — 450,000 450,000 (2,057) 447,943 Unsecured senior notes payable 4.90% 5.05 12/15/30 — — — — — 700,000 700,000 (4,730) 695,270 Unsecured senior notes payable 3.375% 3.48 8/15/31 — — — — — 750,000 750,000 (4,348) 745,652 Unsecured senior notes payable 2.00% 2.12 5/18/32 — — — — — 900,000 900,000 (6,967) 893,033 Unsecured senior notes payable 1.875% 1.97 2/1/33 — — — — — 1,000,000 1,000,000 (7,109) 992,891 Unsecured senior notes payable 2.95% 3.07 3/15/34 — — — — — 800,000 800,000 (7,236) 792,764 Unsecured senior notes payable 4.75% 4.88 4/15/35 — — — — — 500,000 500,000 (4,958) 495,042 Unsecured senior notes payable 5.25% 5.38 5/15/36 — — — — — 400,000 400,000 (4,109) 395,891 Unsecured senior notes payable 4.85% 4.93 4/15/49 — — — — — 300,000 300,000 (2,872) 297,128 Unsecured senior notes payable 4.00% 3.91 2/1/50 — — — — — 700,000 700,000 9,985 709,985 Unsecured senior notes payable 3.00% 3.08 5/18/51 — — — — — 850,000 850,000 (11,227) 838,773 Unsecured senior notes payable 3.55% 3.63 3/15/52 — — — — — 1,000,000 1,000,000 (13,673) 986,327 Unsecured senior notes payable 5.15% 5.26 4/15/53 — — — — — 500,000 500,000 (7,592) 492,408 Unsecured senior notes payable 5.625% 5.71 5/15/54 — — — — — 600,000 600,000 (6,691) 593,309 Unsecured debt weighted-average interest rate/subtotal 3.81 600,000 650,000 350,000 425,000 700,000 9,450,000 12,175,000 (80,535) 12,094,465 Weighted-average interest rate/total 3.86% $ 600,034 $ 799,630 $ 350,038 $ 425,041 $ 700,044 $ 9,450,394 $ 12,325,181 $ (80,807) $ 12,244,374 (1) Represents the weighted-average interest rate as of the end of the applicable period, including amortization of loan fees, amortization of debt premiums (discounts), and other bank fees. (2) Reflects any extension options that we control. (3) Represents a secured construction loan held by our consolidated real estate joint venture for 99 Coolidge Avenue, of which we own a 75.0% interest. As of December 31, 2024 , this joint venture h as $45.7 million available under existing lender commitments. The interest rate shall be reduced from SOFR+ 2.70% to SOFR+2.10% over time upon the completion of certain leasing, construction, and financial covenant milestones. D uring the three months ended December 31, 2024 , we extended the maturity date for a secured construction loan held by our consolidated real estate joint venture at 99 Coolidge Avenue to November 19, 2025 . We have a one-year option to extend the maturity date to November 19, 2026 , subject to certain conditions. (4) Refer to “ $5.0 billion unsecured senior line of credit” and “ $2.5 billion commercial paper program” on the following page. The following table summarizes our secured and unsecured senior debt and amounts outstanding under our unsecured senior line of credit and commercial paper program as of December 31, 2024 (dollars in thousands): Fixed-Rate Debt Variable-Rate Debt Weighted-Average Interest Remaining Term (in years) Total Percentage Rate (1) Secured notes payable $ 587 $ 149,322 $ 149,909 1.2% 7.51% 1.9 Unsecured senior notes payable 12,094,465 — 12,094,465 98.8 3.81 12.8 Unsecured senior line of credit and commercial paper program — — — (2) — N/A (2) 5.1 (3) Total/weighted average $ 12,095,052 $ 149,322 $ 12,244,374 100.0% 3.86% 12.7 (3) Percentage of total debt 98.8% 1.2% 100% (1) Represents the weighted-average interest rate as of the end of the applicable period, including expense/income related to the amortization of loan fees, amortization of debt premiums (discounts), and other bank fees. (2) As of December 31, 2024 , we had no outstanding balance on our unsecured senior line of credit and no commercial paper notes outstanding. (3) We calculate the weighted-average remaining term of our commercial paper notes by using the maturity date of our unsecured senior line of credit. Using the maturity date of our outstanding commercial paper notes, the consolidated weighted-average maturity of our debt is 12.7 years. The commercial paper notes sold during the year ended December 31, 2024 were issued at a weighted-average yield to maturity o f 5.30% and had a weighted-average maturity term of 18 days . U nsecured senior notes payable In February 2024, we issued $1.0 billion of unsecured senior notes payable with a weighted-average interest rate of 5.48% and a weighted-average maturity of 23.1 years . The unsecured senior notes consisted of $400.0 million of 5.25% unsecured senior notes due 2036 and $600.0 million of 5.625% unsecured senior notes due 2054 . $5.0 billion unsecured senior line of credit As of December 31, 2024 , our unsecured senior line of credit had aggregate commitments of $5.0 billion and bore an interest rate of SOFR plus 0.855% . In addition to the cost of borrowing, the unsecured senior line of credit is subject to an annual facility fee of 0.145% based on the aggregate commitments outstanding. Based upon our ability to achieve certain annual sustainability metrics, the interest rate and facility fee rate are also subject to upward or downward adjustments of up to four basis points with respect to the interest rate and up to one basis point with respect to the facility fee rate. Based on certain sustainability metrics achieved in accordance with the terms of our unsecured senior line of credit agreement, the borrowing rate was reduced for a one-year period by two basis points to S OFR plus 0.855% , from SOFR plus 0.875% , and the facility fee was reduced by 0.5 basis point to 0.145% from 0.15% . As of December 31, 2024 , we had no outstanding balance on our unsecured line of credit . In September 2024, we amended and restated our unsecured senior line of credit to, among other changes, extend the maturity date from January 22, 2028 to January 22, 2030 , including extension options that we control. $2.5 billion co mmercial paper program Our commercial paper program provides us with the ability to issue up to $2.5 billion of commercial paper notes that bear interest at short-term fixed rates with a maturity of generally 30 days or less and a maximum maturity of 397 days from the date of issuance . Our commercial paper program is backed by our unsecured senior line of credit, and at all times we expect to retain a minimum undrawn amount of borrowing capacity under our unsecured senior line of credit equal to any outstanding notes issued under our commercial paper program. We use the net proceeds from the issuances of the notes for general working capital and other general corporate purposes. General corporate purposes may include, but are not limited to, the repayment of other debt and selective development, redevelopment, or acquisition of properties. During the year ended December 31, 2024 , the commercial paper notes were issued at a weighted-average yield to maturity o f 5.30% and had a weighted-average maturity term of 18 days . As of December 31, 2024 , we had no outstanding balance on our commercial paper program. Interest expense The following table summarizes i nterest expense for the years ended December 31, 2024 , 2023 , and 2022 (in thousands): Year Ended December 31, 2024 2023 2022 Interest incurred $ 516,799 $ 438,182 $ 372,848 Capitalized interest (330,961) (363,978) (278,645) Interest expense $ 185,838 $ 74,204 $ 94,203

Accounts payable, accrued expen

Accounts payable, accrued expenses, and other liabilities (Notes)	12 Months Ended
	Dec. 31, 2024
Payables and Accruals [Abstract]
Accounts payable, accrued expenses, and tenant security deposits	The following table summarizes the components of accounts payable, accrued expenses, and other liabilities as of December 31, 2024 and 2023 (in thousands): December 31, 2024 2023 Accounts payable and accrued expenses $ 534,803 $ 524,439 Accrued construction 500,890 606,333 Acquired below-market leases 180,407 322,040 Conditional asset retirement obligations 53,968 53,083 Deferred rent liabilities 11,461 15,183 Operating lease liability 507,127 (1) 382,883 Unearned rent and tenant security deposits 691,873 548,529 Other liabilities 173,822 158,453 Total $ 2,654,351 $ 2,610,943 (1) Balance as of December 31, 2024 i nclude s a $135.0 million ground lease liability related to an amendment executed in July 2024 to our existing ground lease agreement at the Alexandria Technology Square ® Megacampus . For additional information, refer to “Leases in which we are the lessee” in Note 5 – “Leases” to our consolidated financial statements. As of December 31, 2024 and 2023 , our conditional asset retirement obligations liability primarily consisted of the soil and groundwater remediation liabilities associated with certain of our properties. Some of our properties may contain asbestos or may be subjected to other hazardous or toxic substances, which, under certain conditions, requires remediation. We engage independent environmental consultants to conduct Phase I or similar environmental assessments at our properties. This type of assessment generally includes a site inspection, interviews, and a public records review; asbestos, lead-based paint, and mold surveys; subsurface sampling; and other testing. We recognize a liability for the fair value of a conditional asset retirement obligation (including asbestos) when the fair value of the liability can be reasonably estimated. In addition, environmental laws and regulations subject our tenants, and potentially us, to liability that may result from our tenants’ routine handling of hazardous substances and wastes as part of their operations at our properties. These assessments and investigations of our properties have not to date revealed any additional environmental liability we believe would have a material adverse effect on our business and financial statements or that would require additional disclosures or recognition in our consolidated financial statements.

Earnings per share (Notes)

Earnings per share (Notes)	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Earnings per share	We account for unvested restricted stock awards (“RSAs”) that contain nonforfeitable rights to dividends as participating securities and include these securities in the computation of EPS using the two-class method. Under the two-class method, we allocate net income (after amounts attributable to noncontrolling interests) to common stockholders and unvested RSAs with nonforfeitable rights to dividends by using the weighted-average shares of each class outstanding for quarter-to-date and year-to-date periods independently, based on their respective participation rights to dividends declared (or accumulated) and undistributed earnings. Unvested RSAs that contain forfeitable rights to dividends do not qualify as participating securities under the two-class method because the dividend rights are forfeited if the awards do not vest. As a result, undistributed earnings are not allocated to these awards prior to vesting, and these awards have no effect on the computation of basic EPS while unvested. Once these awards vest, they are included in the denominator of basic EPS, weighted for the portion of the reporting period they were vested. Prior to vesting, these awards are included in the denominator of diluted EPS if they are dilutive, which is determined using the treasury stock method. Under this method, incremental shares are calculated as the difference between the total unvested shares and the number of shares that could hypothetically be repurchased using the assumed proceeds (including unrecognized compensation cost related to these awards). These incremental shares are weighted for the portion of the reporting period they were unvested, and are included in the diluted EPS denominator only if their inclusion reduces EPS (i.e., if they are not antidilutive). In addition, from time to time, we enter into forward equity sales agreements, which are discussed in Note 15 – “Stockholders’ equity” to our consolidated financial statements. We consider the potential dilution resulting from the forward equity sales agreements on the EPS calculations. At inception, the agreements do not have an effect on the computation of basic EPS as no shares are delivered until settlement. The common shares issued upon the settlement of the forward equity sales agreements, weighted for the period these common shares were outstanding, are included in the denominator of basic EPS. To determine the dilution resulting from the forward equity sales agreements during the period of time prior to settlement, we calculate the number of weighted-average shares outstanding – diluted using the treasury stock method. The table below reconciles the numerators and denominators of the basic and diluted EPS computations for the years ended December 31, 2024, 2023, and 2022 (in thousands, except per share amounts): Year Ended December 31, 2024 2023 2022 Net income $ 510,733 $ 280,994 $ 670,701 Net income attributable to noncontrolling interests (187,784) (177,355) (149,041) Net income attributable to unvested RSAs with nonforfeitable rights to dividends (13,394) (11,195) (8,392) Numerator for basic and diluted EPS – net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ 309,555 $ 92,444 $ 513,268 Denominator for basic EPS – weighted-average shares of common stock outstanding 172,071 170,909 161,659 Dilutive effect of unvested RSAs with forfeitable rights to dividends — — — Dilutive effect of forward equity sales agreements — — — Denominator for diluted EPS – weighted-average shares of common stock outstanding 172,071 170,909 161,659 Net income per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders: Basic $ 1.80 $ 0.54 $ 3.18 Diluted $ 1.80 $ 0.54 $ 3.18

Income taxes (Notes)

Income taxes (Notes)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income taxes	We have elected to be taxed as a REIT, under the Code. We believe we have qualified and continue to qualify as a REIT. Under the Code, a REIT that distributes at least 90% of its REIT taxable income to its stockholders annually and meets certain other conditions is not subject to federal income taxes, but could be subject to certain state, local, and foreign taxes. We distribute 100% of our taxable income annually; therefore, a provision for federal income taxes is not required. We distributed all of our REIT taxable income in 2023 and 2022 and, as a result, did not incur federal income tax in those years on such income. For the year ended December 31, 2024 , we expect to distribute all of our REIT taxable income and, as a result, do not expect to incur federal income tax. We expect to finalize our 2024 REIT taxable income when we file our 2024 federal income tax return in 2025 . The income tax treatment of distributions and dividends declared on our common stock for the years ended December 31, 2024, 2023, and 2022 was as follows (unaudited): Year Ended December 31, 2024 2023 2022 Ordinary income 65.7 % 87.8 % 57.4 % Return of capital 1.6 — — Capital gains at 25% 13.9 0.2 8.1 Capital gains at 20% 18.8 12.0 34.5 Total 100.0 % 100.0 % 100.0 % Dividends declared $ 5.19 $ 4.96 $ 4.72 Beginning in 2018, the Tax Cuts and Jobs Act of 2017 added Section 199A to allow for a new tax deduction based on certain qualified business income. Section 199A provides eligible individual taxpayers a deduction of up to 20% of their qualified REIT dividends. This deduction applies to the portion of dividends classified as ordinary income in the table above. Our dividends declared in a given quarter are generally paid during the subsequent quarter. The taxability information presented above for our dividends paid in 2024 is based upon management’s estimate. Our federal tax return for 2024 is due on or before October 15, 2025 , assuming we file for an extension of the due date. Our federal tax returns for previous tax years have not been examined by the IRS. Consequently, the taxability of distributions and dividends is subject to change. In addition to our REIT tax returns, we file federal, state, and local tax returns for our subsidiaries. We file with jurisdictions located in the U.S., Canada, China, and other international locations and may be subject to audits, assessments, or other actions by local taxing authorities. We recognize tax benefits of uncertain tax positions only if it is more likely than not that the tax position will be sustained, based solely on its technical merits, with the taxing authority having full knowledge of all relevant information. The measurement of a tax benefit for an uncertain tax position that meets the “more likely than not” threshold is based on a cumulative probability model under which the largest amount of tax benefit recognized is the amount with a greater than 50% likelihood of being realized upon ultimate settlement with the taxing authority that has full knowledge of all relevant information. As of December 31, 2024 , there were no material unrecognized tax benefits . We do not anticipate a significant change to the total amount of unrecognized tax benefits within the next 12 months. Interest expense and penalties, if any, are recognized in the first period during which the interest or penalties begin accruing, according to the provisions of the relevant tax law at the applicable statutory rate of interest. We did not incur any significant tax-related interest expense or penalties for the years ended December 31, 2024 , 2023 , and 2022 . The following reconciles net income (determined in accordance with GAAP) to taxable income as filed with the IRS for the years ended December 31, 2023 and 2022 (in thousands and unaudited): Year Ended December 31, 2023 2022 Net income $ 280,994 $ 670,701 Net income attributable to noncontrolling interests (177,355) (149,041) Book/tax differences: Rental revenue recognition 134,778 (6,824) Depreciation and amortization 331,322 225,319 Share-based compensation 73,320 45,656 Interest expense (126,756) (104,519) Sales of property 7,784 (330,820) Impairments 80,134 26,322 Non-real estate investments loss 209,092 369,021 Other 15,463 10,653 Taxable income before dividend deduction 828,776 756,468 Dividend deduction necessary to eliminate taxable income (1) (828,776) (756,468) Estimated income subject to federal income tax $ — $ — (1) Total common stock dividend distributions paid were approximately $847.5 million and $757.7 million during the years ended December 31, 2023 and 2022 , respectively .

Commitments and contingencies (

Commitments and contingencies (Notes)	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	COMMITMENTS AND CONTINGENCIES Employee retirement savings plan We have a retirement savings plan pursuant to Section 401(k) of the Code whereby our employees may contribute a portion of their compensation to their respective retirement accounts in an amount not to exceed the maximum allowed under the Code. In addition to employee contributions, we have elected to provide company discretionary profit-sharing contributions (subject to statutory limitations), which amounted to approximately $7.8 million , $8.6 million , and $8.7 million for the years ended December 31, 2024, 2023, and 2022 , respectively. Employees who participate in the plan are immediately vested in their contributions and in the contributions made on their behalf by the Company. Concentration of credit risk We maintain our cash and cash equivalents at insured financial institutions. The combined account balances at each institution periodically exceed the FDIC insurance coverage of $ 250,000 , and, as a result, there is a concentration of credit risk related to amounts in excess of FDIC insurance coverage. We have not experienced any losses to date on our invested cash. Our rental revenue is generated by a diverse array of many tenants. As of December 31, 2024 , we had over 1,000 leases. The inability of any single tenant to make its lease payments is unlikely to have a severe or financially disruptive effect on our operations . Commitments As of December 31, 2024 , remaining aggregate costs under contract for the construction of properties undergoing development, redevelopment, and improvements under the terms of leases approximated $1.0 billion . We expect payments for these obligations to occur over one to three years , subject to capital planning adjustments from time to time. We may have the ability to cease the construction of certain projects, which would result in the reduction of our commitments. In addition, we have letters of credit and performance obligations aggregating $29.5 million . W e are committed to funding approximately $399.2 million related to our non-real estate investments. These funding commitments are primarily associated with our investments in privately held entities that report NAV and expire at various dates over the next 12 years , with a weighted-average expiration of 8.2 years as of December 31, 2024 . As of December 31, 2024 , the second installment payment related to the amendment of our existing ground lease agreement at the Alexandria Technology Square ® Megacampus aggregating $135.0 million remained outstanding and was paid on January 14, 2025

Stockholders' equity (Notes)

Stockholders' equity (Notes)	12 Months Ended
	Dec. 31, 2024
Stockholders' Equity Note [Abstract]
Stockholders' equity	Common equity transactions Common stock repurchase program On December 9, 2024 , we announced that our Board of Directors authorized a common stock repurchase program under which we may repurchase up to $500.0 million of our common stock, until December 31, 2025 in the open market, in privately negotiated transactions, or otherwise. Stock repurchases are expected to be funded with net cash provided by operating activities after dividends and proceeds from dispositions and sales of partial interests. In December 2024, we repurchased 496,276 shares of common stock under this repurchase program at an average price per share of $100.95 . As of December 31, 2024 , the approximate value of shares that may yet be purchased under this program was $449.9 million . From January 1, 2025 through January 27, 2025 , we repurchased 1.5 million shares of additional common stock under this repurchase program at an average price per share of $97.26 . As of the date of this report, the approximate value of shares authorized and remaining under this program was $299.9 million . ATM common stock offering program I n February 2024, we entered into a new ATM common stock offering program that allows us to sell up to an aggregate of $1.5 billion of our common stock. During the three months ended June 30, 2024, we entered into new forward equity sales agreements aggregating $28 million to sell 230 thousand shares of common stock under our ATM program at an average price per share of $122.32 (before underwriting discounts). During the three months ended December 31, 2024 , we settled all outstanding forward equity sales agreements by issuing 230 thousand shares of common stoc k at an average price per share of $120.93 and received net proceeds of $27.8 million , before offering costs. As of December 31, 2024 , the remaining aggregate amount available under our ATM program for future sales of common stock was $1.47 billion . Accumulated other comprehensive loss The change in accumulated other comprehensive loss attributable to Alexandria Real Estate Equities, Inc.’s stockholders during the year ended December 31, 2024 was entirely due to net unrealized losses of $30.4 million on foreign currency translation related to our operations primarily in Canada. Common stock, p referred stock, and excess stock authorizations Our charter authorizes the issuance of 400.0 million shares of common stock, of which 172.2 million shares were issued and outstanding as of December 31, 2024 . Our charter also authorizes the issuance of up to 100.0 million shares of preferred stock , none of which were issued and outstanding as of December 31, 2024 . In addition, 200.0 million shares of “excess stock” (as defined in our charter ) are authorized, none of which were issued and outstanding as of December 31, 2024 .

Share-based compensation (Notes

Share-based compensation (Notes)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Share-based compensation	Stock award and incentive plan For the purpose of attracting and retaining the highest-quality personnel, providing for additional incentives, and promoting the success of our Company, we generally issue share-based compensation in the form of restricted stock, pursuant to our stock award and incentive plan. We have not granted any options since 2002. Each restricted share issued reduced our share reserve by one share ( 1 :1 ratio). As of December 31, 2024 , there were 4,665,494 share s reserved for the granting of future stock-based awards under our stock award and incentive plan. In addition, our stock award and incentive plan permits us to issue share awards to our employees, non-employees, and non- employee directors. A share award is an award of common stock that (i) may be fully vested upon issuance or (ii) may be subject to the risk of forfeiture under Section 83 of the Code. Shares issued generally vest over a four -year period from the date of issuance, and the sale of the shares is restricted prior to the date of vesting. Certain restricted share awards are also subject to an additional one -year holding period after vesting. The unearned portion of time-based share awards is amortized as share-based compensation expense on a straight-line basis over the vesting period. Certain restricted share awards are subject to vesting based upon the satisfaction of levels of performance or market conditions. Failure to satisfy the threshold performance conditions will result in the forfeiture of shares and in a reversal of previously recognized share-based compensation expense. Failure to satisfy the market condition results in the forfeiture of shares but does not result in a reversal of previously recognized share-based compensation expense, provided that the requisite service has been rendered. Forfeiture of time-based, performance-based, or market-based awards due to the failure to meet the service requirement results in the reversal of previously recognized share-based compensation expense. The following is a summary of the stock awards activity under our equity incentive plan and related information for the years ended December 31, 2024, 2023, and 2022 (dollars in thousands, except per share information): Number of Share Awards Weighted-Average Grant Date Fair Value per Share Outstanding at December 31, 2021 1,823,460 $ 150.89 Granted 1,032,731 $ 141.58 Vested (749,101) $ 146.25 Forfeited (19,569) $ 160.83 Outstanding at December 31, 2022 2,087,521 $ 149.96 Granted 1,522,058 $ 108.22 Vested (798,729) $ 149.41 Forfeited (56,689) $ 104.65 Outstanding at December 31, 2023 2,754,161 $ 127.34 Granted 615,192 $ 102.96 Vested (951,195) $ 136.09 Forfeited (180,253) $ 109.63 Outstanding at December 31, 2024 2,237,905 $ 118.34 Year Ended December 31, 2024 2023 2022 Total grant date fair value of stock awards vested $ 129,449 $ 119,335 $ 109,557 Total gross compensation recognized for stock awards $ 118,439 $ 139,675 $ 104,424 Capitalized stock compensation $ 58,805 $ 56,817 $ 46,684 Certain restricted stock awards granted during 2024 , 2023 , and 2022 are subject to performance and market conditions. The grant date fair value of these awards is determined using a Monte Carlo simulation pricing model using the following assumptions for 2024 , 2023 , and 2022 , respectively: (i) expected term of 3.0 years , 3.0 years , and 2.8 years (equal to the remaining performance measurement period at the grant date), (ii) volatility of 28.7% , 32.0% , and 30.0% (approximating a blended average of implied and historical volatilities), (iii) dividend yield of 3.3% , 2.8% , and 2.5% , and (iv) risk-free rate of 4.18% , 4.22% , and 2.47% . As of December 31, 2024 , there was $177.2 million of unrecognized compensation related to unvested share awards under the equity incentive plan, which is expected to be recognized over the next four years and has a weighted-average vesting period of approximately 20 months .

Noncontrolling interests (Notes

Noncontrolling interests (Notes)	12 Months Ended
	Dec. 31, 2024
Noncontrolling Interest [Abstract]
Noncontrolling interests	Noncontrolling interests represent the third-party interests in certain entities in which we have a controlling interest. As of December 31, 2024 , these entities owned 67 properties , which are included in our consolidated financial statements. Noncontrolling interests are adjusted for additional contributions and distributions, the proportionate share of the net earnings or losses, and other comprehensive income or loss. Distributions, profits, and losses related to these entities are allocated in accordance with the respective operating agreements. During the years ended December 31, 2024 and 2023 , we distributed $256.7 million and $244.1 million , respectively, to our consolidated real estate joint venture partners. Certain of our noncontrolling interests have the right to require us to redeem their ownership interests in the respective entities. We classify these ownership interests in the entities as redeemable noncontrolling interests outside of total equity in our consolidated balance sheets. Redeemable noncontrolling interests are adjusted for additional contributions and distributions, the proportionate share of the net earnings or losses, and other comprehensive income or loss. If the amount of a redeemable noncontrolling interest is less than the maximum redemption value at the balance sheet date, such amount is adjusted to the maximum redemption value. Subsequent declines in the redemption value are recognized only to the extent that previous increases have been recognized . Refer to

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Segment Reporting Disclosure	SEGMENT INFORMATION We are a life science real estate investment trust focused on developing, redeveloping, and operating properties that provide space for lease to tenants primarily in the life science industry. Our properties are leased predominantly through triple-net lease agreements and share key characteristics, including generic and reusable improvements, consistent lease structures, and business strategy. All properties are located within North America, predominantly in the U.S., and operate within a comparable regulatory environment. Our foreign operations, located in Canada, represent approximately 1% of our total revenues and total assets. Operating segments In 2024, our Chief Operating Decision Maker (“CODM”), represented by our Executive Chairman and our Chief Executive Officer, revised their review approach from evaluating operating results at the individual property level to evaluating operating results at the geographic market level to assess performance and allocate resources. This change reflects the growth and evolving structure of our organization, as well as targeted initiatives implemented to streamline our business processes and enhance operational efficiencies. We note that the recent accounting standard update on segment reporting, which became effective for us on January 1, 2024, had no impact on the reassessment of our operating segments, as it does not change the principles for determining operating segments or aggregation under ASC 280. Instead, our change was driven by organizational developments, as described below. As a result, beginning in 2024, our operating segments aligned with our markets, including Greater Boston, San Francisco Bay Area, San Diego, and Seattle, among others. The transition from a property-level to a market-level review of operating results was driven by the following key factors: • Organizational growth and complexity . As our portfolio expanded, regular reviews of individual property-level operating results became increasingly granular and operationally inefficient for the CODM. Shifting to a market-level review allowed for a more strategic focus on key performance drivers and resource allocation priorities. • Streamlining business processes and enhancing efficiencies . We have implemented significant organizational initiatives to improve efficiency and reduce costs. These initiatives included upgrading systems, improving processes, integrating smarter technology, and optimizing workflows to enhance operating effectiveness. • Personnel-related changes . Reallocation and consolidation of roles and responsibilities, reduction in headcount, including retirement of certain executives, and elimination of redundancies across the company. As a result of these measures, starting in 2024, regular market performance updates are now provided directly to the CODM. These updates include each market’s net operating income (“NOI”), which serves as the profit or loss measure used by the CODM for performance assessment and resource allocation. NOI provides useful information regarding performance of each market as it reflects income and expenses incurred in connection with real estate operations in each market. This metric enables the CODM to evaluate the profitability and performance of each market on a consistent and comparable basis, supporting decisions on capital resource allocation, including in connection with development, redevelopment, acquisition, and disposition activities in each market. Evaluation of economic similarity and aggregation of operating segments In accordance with the segment reporting accounting standard, we evaluated the economic similarity of our operating segments. Seven of our nine operating segments exhibit consistent long-term economic characteristics, including similar historical long- term NOI margins, which are also expected to remain similar in the future. Additionally, these markets share similar operational characteristics, including nature of services provided (i.e., leasing, operating, developing, and redeveloping life science properties), tenant base (i.e., a variety of tenants involved in the life science industry), methods of operation (i.e., consistent lease structures, property management practices, and business strategies), nature of the regulatory environment (consistent across North America, where all of our operating segments are located). Given these shared economic characteristics, we have aggregated our seven operating segments into one reportable segment for segment reporting purposes. Two of our operating segments did not meet the aggregation criteria , and individually did not meet the quantitative thresholds to qualify as reportable segments. Therefore, these operating segments are included in the “all other” category in the tables below . The following table presents the reportable segment profit or loss measure — net operating income. Year Ended December 31, (in thousands) 2024 2023 2022 Reportable segment revenues: Revenues from external customers $ 2,897,524 $ 2,685,027 $ 2,443,865 Other income 30,028 21,408 10,214 Reportable segment total revenues 2,927,552 2,706,435 2,454,079 Reportable segment total rental operating expenses (831,258) (763,700) (695,226) Reportable segment net operating income (reportable segment profit or loss) $ 2,096,294 $ 1,942,735 $ 1,758,853 Significant expenses included in the reportable segment profit or loss measure (i.e., net operating income) are represented by the reportable segment total rental operating expenses and are disclosed in the table above. These expenses primarily include property taxes, utilities, repairs and maintenance, engineering, janitorial personnel, and other costs. Presented below are reconciliations of the reportable segment total revenues to the consolidated revenues, the reportable segment total rental operating expenses to consolidated rental operations, the reportable segment NOI to the consolidated net income, and the reportable segment investments in real estate assets to the consolidated investments in real estate assets: Year Ended December 31, (in thousands) 2024 2023 2022 Reconciliation of reportable segment revenues to consolidated total revenues: Reportable segment total revenues $ 2,927,552 $ 2,706,435 $ 2,454,079 All other revenues 188,842 179,264 134,883 Consolidated revenues $ 3,116,394 $ 2,885,699 $ 2,588,962 Reconciliation of reportable segment total rental operating expenses to consolidated rental operations: Reportable segment total rental operating expenses $ (831,258) $ (763,700) $ (695,226) All other rental operating expenses (78,007) (95,480) (87,927) Consolidated rental operations $ (909,265) $ (859,180) $ (783,153) Reconciliation of reportable segment net operating income to consolidated net income: Reportable segment net operating income (reportable segment profit or loss) $ 2,096,294 $ 1,942,735 $ 1,758,853 All other revenues 188,842 179,264 134,883 All other rental operating expenses (78,007) (95,480) (87,927) Other items not allocated to segments: General and administrative (168,359) (199,354) (177,278) Interest expense (185,838) (74,204) (94,203) Depreciation and amortization (1,202,380) (1,093,473) (1,002,146) Impairment of real estate (223,068) (461,114) (64,969) Loss on early extinguishment of debt — — (3,317) Equity in earnings of unconsolidated real estate joint ventures 7,059 980 645 Investment loss (53,122) (195,397) (331,758) Gain on sale of real estate 129,312 277,037 537,918 Consolidated net income $ 510,733 $ 280,994 $ 670,701 As of December 31, (in thousands) 2024 2023 Reconciliation of reportable segment assets to consolidated investments in real estate assets Reportable segment investments in real estate $ 30,393,144 $ 29,810,981 All other investments in real estate 1,716,895 1,822,530 Consolidated investments in real estate $ 32,110,039 $ 31,633,511

Subsequent events (Notes)

Subsequent events (Notes)	12 Months Ended
	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Ground lease payment in January 2025 In January 2025, pursuant to an amendment executed in July 2024 to our existing ground lease agreement at the Alexandria Technology Square ® Megacampus, we made the second and final installment payment aggregating $135.0 million related to our rent obligation for the extended lease term. For additional information, refer to Note 5 – “Leases” to our consolidated financial statements. Common stock repurchase program From January 1, 2025 through January 27, 2025 , we repurchased 1.5 million shares of common stock under this repurchase program at an average price per share of $97.26 . As of the date of this report, the approximate value of shares authorized and remaining under this program was $299.9 million .

Schedule III - Consolidated Fin

Schedule III - Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation (Notes)	12 Months Ended
	Dec. 31, 2024
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation	Alexandria Real Estate Equities, Inc. and Subsidiaries Schedule III Consolidated Financial Statement Schedule of Real Estate and Accumulated Depreciation December 31, 2024 (Dollars in thousands) Initial Costs Costs Capitalized Subsequent to Acquisitions Total Costs Property Market Encumbrances Land Buildings & Improvements Buildings & Improvements Land Buildings & Improvements Total (1) Accumulated Depreciation (2) Net Cost Basis Date of Construction (3) Date Acquired Alexandria Center ® at Kendall Square Greater Boston $ — $ 558,885 $ 783,224 $ 1,792,818 $ 558,885 $ 2,576,042 $ 3,134,927 $ (465,409) $ 2,669,518 1981 - 2023 2005 - 2022 Alexandria Center ® at One Kendall Square Greater Boston — 405,164 576,213 1,200,230 405,164 1,776,443 2,181,607 (289,414) 1,892,193 1985 - 2023 2016 - 2022 Alexandria Technology Square ® Greater Boston — — 619,658 305,387 — 925,045 925,045 (394,582) 530,463 2001 - 2012 2006 The Arsenal on the Charles Greater Boston — 191,797 354,611 776,601 191,797 1,131,212 1,323,009 (116,965) 1,206,044 2000 - 2024 2019 - 2021 480 Arsenal Way 446, 458, 500, and 550 Arsenal Street, and 99 Coolidge Avenue Greater Boston 149,321 164,658 24,464 431,701 164,658 456,165 620,823 (85,681) 535,142 1962 - 2023 2000 - 2022 Alexandria Center ® for Life Science – Fenway Greater Boston — 912,016 617,552 797,446 912,016 1,414,998 2,327,014 (91,870) 2,235,144 2019 - 2024 2021 285, 299, 307, and 345 Dorchester Avenue Greater Boston — 264,554 — 22,917 264,554 22,917 287,471 — 287,471 N/A 2024 5, 10, and 15 Necco Street Greater Boston — 277,554 55,897 411,062 277,554 466,959 744,513 (19,786) 724,727 2019 - 2023 2019 Alexandria Center ® for Life Science – Waltham Greater Boston — 141,629 513,901 359,436 141,629 873,337 1,014,966 (30,015) 984,951 1999 - 2024 2020 - 2022 19, 215, 225, and 235 Presidential Way Greater Boston — 32,136 118,391 29,014 32,136 147,405 179,541 (36,009) 143,532 1999 - 2001 2005 - 2022 Other Greater Boston — 156,221 187,205 89,097 156,221 276,302 432,523 (5,331) 427,192 Various Various Alexandria Center ® for Science and Technology – Mission Bay San Francisco — 213,014 218,556 703,020 213,014 921,576 1,134,590 (252,874) 881,716 2007 - 2014 2004 - 2017 Alexandria Technology Center ® – Gateway San Francisco — 193,004 364,078 763,530 193,004 1,127,608 1,320,612 (209,196) 1,111,416 1984 - 2024 2002 - 2020 Alexandria Center ® for Life Science – Millbrae San Francisco — 69,989 — 490,449 69,989 490,449 560,438 — 560,438 N/A 2021 - 2022 Alexandria Center ® for Advanced Technologies – South San Francisco San Francisco — 59,199 — 565,673 59,199 565,673 624,872 (151,635) 473,237 2008 - 2019 2004 - 2005 Alexandria Center ® for Advanced Technologies – Tanforan San Francisco — 330,154 51,145 80,707 330,154 131,852 462,006 (17,465) 444,541 1971 - 2007 2021 - 2022 Alexandria Center ® for Life Science – South San Francisco San Francisco — 32,245 1,287 487,452 32,245 488,739 520,984 (167,608) 353,376 2012 - 2022 2002 - 2017 500 Forbes Boulevard San Francisco — 35,596 69,091 23,748 35,596 92,839 128,435 (38,068) 90,367 2001 2007 Alexandria Center ® for Life Science – San Carlos San Francisco — 433,634 28,323 759,478 433,634 787,801 1,221,435 (121,222) 1,100,213 1970 - 2022 2017 - 2021 Alexandria Stanford Life Science District San Francisco — — 599,401 113,748 — 713,149 713,149 (117,277) 595,872 2002 - 2022 2003 - 2022 3412, 3420, 3440, 3450, and 3460 Hillview Avenue San Francisco — — 304,318 101,390 — 405,708 405,708 (28,201) 377,507 1978 - 2018 2020 - 2021 Initial Costs Costs Capitalized Subsequent to Acquisitions Total Costs Property Market Encumbrances Land Buildings & Improvements Buildings & Improvements Land Buildings & Improvements Total (1) Accumulated Depreciation (2) Net Cost Basis Date of Construction (3) Date Acquired 3825 and 3875 Fabian Way San Francisco $ — $ 194,424 $ 54,519 $ 24,262 $ 194,424 $ 78,781 $ 273,205 $ (13,885) $ 259,320 1969 - 2014 2019 2475 and 2625/2627/2631 Hanover Street and 1450 Page Mill Road San Francisco — — 187,472 13,683 — 201,155 201,155 (38,735) 162,420 2000 - 2017 1999 - 2021 2100, 2200, 2300, and 2400 Geng Road San Francisco — 72,859 53,309 42,129 72,859 95,438 168,297 (23,335) 144,962 1984 - 2019 2018 3350 West Bayshore Road San Francisco — 4,800 6,693 45,196 4,800 51,889 56,689 (16,948) 39,741 1982 2005 88 Bluxome Street San Francisco — 148,551 21,514 227,887 148,551 249,401 397,952 (23,098) 374,854 N/A 2017 One Alexandria Square San Diego — 140,318 161,293 948,146 140,318 1,109,439 1,249,757 (274,785) 974,972 1995 - 2024 1994 - 2021 ARE Torrey Ridge San Diego — 22,124 152,840 109,164 22,124 262,004 284,128 (80,763) 203,365 2004 - 2021 2016 ARE Nautilus San Diego — 6,684 27,600 142,569 6,684 170,169 176,853 (77,155) 99,698 2009 - 2012 1994 - 1997 One Alexandria North San Diego — 103,937 1,354 49,172 103,937 50,526 154,463 (1,359) 153,104 1980 - 1990 2020 Campus Point by Alexandria San Diego — 119,760 395,527 996,383 119,760 1,391,910 1,511,670 (245,906) 1,265,764 1989 - 2024 2010 - 2022 5200 Illumina Way San Diego — 39,051 96,606 200,123 39,051 296,729 335,780 (90,245) 245,535 2004 - 2017 2010 9625 Towne Centre Drive San Diego — 7,686 13,748 66,703 7,686 80,451 88,137 (31,002) 57,135 2018 2014 SD Tech by Alexandria San Diego — 76,820 248,969 532,373 76,820 781,342 858,162 (57,256) 800,906 2014 - 2022 2019 - 2020 Sequence District by Alexandria San Diego — 163,610 281,389 34,644 163,610 316,033 479,643 (27,741) 451,902 1997 - 2000 2020 - 2021 Pacific Technology Park San Diego — 96,796 66,660 5,033 96,796 71,693 168,489 (5,889) 162,600 1989 - 1991 2021 Summers Ridge Science Park San Diego — 21,154 102,046 4,816 21,154 106,862 128,016 (19,699) 108,317 2005 2018 Scripps Science Park by Alexandria San Diego — 35,420 43,767 85,252 35,420 129,019 164,439 (9,419) 155,020 2001 - 2022 2021 - 2022 ARE Portola San Diego — 6,991 25,153 41,671 6,991 66,824 73,815 (27,649) 46,166 2005 - 2012 2007 5810/5820 Nancy Ridge Drive San Diego — 3,492 18,285 33,648 3,492 51,933 55,425 (22,090) 33,335 2021 2004 9877 Waples Street San Diego — 5,092 11,908 13,289 5,092 25,197 30,289 (10,990) 19,299 2020 2020 5871 Oberlin Drive San Diego — 1,349 8,016 20,610 1,349 28,626 29,975 (6,058) 23,917 2021 2010 3911, 3931, 3985, 4025, 4031, 4045, and 4075 Sorrento Valley Boulevard San Diego — 18,177 42,723 44,918 18,177 87,641 105,818 (44,128) 61,690 2007 - 2015 2010 - 2019 11045 and 11055 Roselle Street San Diego — 1,386 4,288 34,110 1,386 38,398 39,784 (12,572) 27,212 2008 - 2014 2000 - 2013 Other San Diego — 104,027 70,212 66,352 104,027 136,564 240,591 (17,047) 223,544 Various Various Alexandria Center ® for Life Science – Eastlake Seattle — 46,300 83,012 933,691 46,300 1,016,703 1,063,003 (267,005) 795,998 1997 - 2024 2002 - 2024 Alexandria Center ® for Life Science – South Lake Union Seattle — 243,959 28,950 511,473 243,959 540,423 784,382 (58,962) 725,420 1984 - 2017 2007 - 2024 219 Terry Avenue North Seattle — 1,819 2,302 23,127 1,819 25,429 27,248 (11,598) 15,650 2012 2007 1010 4th Avenue South Seattle — 46,200 — 13,796 46,200 13,796 59,996 — 59,996 N/A 2020 410 West Harrison Street and 410 Elliott Avenue West Seattle — 3,857 1,989 20,788 3,857 22,777 26,634 (11,367) 15,267 2006 - 2008 2004 Alexandria Center ® for Advanced Technologies – Canyon Park Seattle — 133,558 206,374 22,001 133,558 228,375 361,933 (22,391) 339,542 1985 - 2007 2021 - 2022 Alexandria Center ® for Advanced Technologies – Monte Villa Parkway Seattle — 52,464 64,753 89,543 52,464 154,296 206,760 (8,280) 198,480 1994 - 2024 2020 Initial Costs Costs Capitalized Subsequent to Acquisitions Total Costs Property Market Encumbrances Land Buildings & Improvements Buildings & Improvements Land Buildings & Improvements Total (1) Accumulated Depreciation (2) Net Cost Basis Date of Construction (3) Date Acquired Other Seattle $ — $ 108,900 $ 931 $ 34,311 $ 108,900 $ 35,242 $ 144,142 $ (1,070) $ 143,072 Various Various Alexandria Center ® for Life Science – Shady Grove Maryland — 85,365 253,567 770,709 85,365 1,024,276 1,109,641 (177,208) 932,433 1998 - 2024 2004 - 2021 1330 Piccard Drive Maryland — 2,800 11,533 38,404 2,800 49,937 52,737 (26,693) 26,044 2005 1997 1405 Research Boulevard Maryland — 899 21,946 16,056 899 38,002 38,901 (20,386) 18,515 2006 1997 1500 and 1550 East Gude Drive Maryland — 1,523 7,731 10,713 1,523 18,444 19,967 (12,754) 7,213 1995 - 2003 1997 5 Research Place Maryland — 1,466 5,708 31,457 1,466 37,165 38,631 (20,626) 18,005 2010 2001 5 Research Court Maryland — 1,647 13,258 24,152 1,647 37,410 39,057 (19,916) 19,141 2007 2004 12301 Parklawn Drive Maryland — 1,476 7,267 1,741 1,476 9,008 10,484 (4,767) 5,717 2007 2004 Alexandria Technology Center ® – Gaithersburg I Maryland — 20,980 121,952 63,723 20,980 185,675 206,655 (65,594) 141,061 1992 - 2019 1997 - 2019 Alexandria Technology Center ® – Gaithersburg II Maryland — 17,134 67,825 110,446 17,134 178,271 195,405 (54,029) 141,376 2000 - 2021 1997 - 2020 20400 Century Boulevard Maryland — 3,641 4,759 26,600 3,641 31,359 35,000 (6,400) 28,600 2023 2021 401 Professional Drive Maryland — 1,129 6,941 12,234 1,129 19,175 20,304 (10,506) 9,798 2007 1996 950 Wind River Lane Maryland — 2,400 10,620 1,602 2,400 12,222 14,622 (4,746) 9,876 2009 2010 620 Professional Drive Maryland — 784 4,705 8,271 784 12,976 13,760 (8,847) 4,913 2012 2005 8000/9000/10000 Virginia Manor Road Maryland — — 13,679 12,054 — 25,733 25,733 (14,302) 11,431 2003 1998 Alexandria Center ® for Life Science – Durham Research Triangle — 190,236 471,263 290,512 190,236 761,775 952,011 (77,489) 874,522 1985 - 2023 2020 - 2022 Alexandria Center ® for Advanced Technologies and AgTech– Research Triangle Research Triangle — 30,584 23,714 480,461 30,584 504,175 534,759 (66,898) 467,861 2007 - 2022 2012 - 2021 Alexandria Center ® for Sustainable Technologies Research Triangle — 54,908 18,849 140,271 54,908 159,120 214,028 (66,435) 147,593 1966 - 2022 1998 - 2022 Alexandria Technology Center ® – Alston Research Triangle — 1,430 17,482 35,264 1,430 52,746 54,176 (30,051) 24,125 1985 - 2009 1998 Alexandria Innovation Center ® – Research Triangle Research Triangle — 1,065 21,218 32,335 1,065 53,553 54,618 (26,865) 27,753 2005 - 2008 2000 2525 East NC Highway 54 Research Triangle — 713 12,827 21,217 713 34,044 34,757 (18,986) 15,771 1995 2004 407 Davis Drive Research Triangle — 1,229 17,733 13,746 1,229 31,479 32,708 (6,323) 26,385 1998 2013 601 Keystone Park Drive Research Triangle — 785 11,546 16,517 785 28,063 28,848 (10,183) 18,665 2009 2006 Alexandria Center ® for NextGen Medicines Research Triangle — 94,184 — 15,184 94,184 15,184 109,368 — 109,368 N/A 2021 Alexandria Center ® for Life Science – New York City New York City — — — 1,145,948 — 1,145,948 1,145,948 (328,535) 817,413 2010 - 2016 2006 Alexandria Center ® for Life Science – Long Island City New York City — 22,746 53,093 165,179 22,746 218,272 241,018 (11,817) 229,201 2022 2018 Intersection Campus Texas — 159,310 440,295 45,603 159,310 485,898 645,208 (38,942) 606,266 2000 - 2019 2021 - 2022 1001 Trinity Street and 1020 Red River Street Texas — 66,451 61,732 2,964 66,451 64,696 131,147 (20,008) 111,139 1987 - 1990 2022 Initial Costs Costs Capitalized Subsequent to Acquisitions Total Costs Property Market Encumbrances Land Buildings & Improvements Buildings & Improvements Land Buildings & Improvements Total (1) Accumulated Depreciation (2) Net Cost Basis Date of Construction (3) Date Acquired Alexandria Center ® for Advanced Technologies at The Woodlands Texas $ — $ 2,116 $ 9,784 $ 133,579 $ 2,116 $ 143,363 $ 145,479 $ (3,199) $ 142,280 2002 - 2023 2020 Other Texas — 44,217 — 12,580 44,217 12,580 56,797 — 56,797 Various Various Canada Canada — 75,225 163,161 114,376 75,225 277,537 352,762 (31,304) 321,458 1989 - 2023 2005 - 2023 Various Various 587 426,017 136,472 403,747 426,017 540,219 966,236 (240,180) 726,056 Various Various North America 149,908 7,815,474 9,982,177 19,933,412 7,815,474 29,915,589 37,731,063 (5,621,024) 32,110,039 Asia — — — 4,155 — 4,155 4,155 (4,155) — 2015 2008 $ 149,908 $ 7,815,474 $ 9,982,177 $ 19,937,567 $ 7,815,474 $ 29,919,744 $ 37,735,218 $ (5,625,179) $ 32,110,039 Alexandria Real Estate Equities, Inc. Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation December 31, 2024 (Dollars in thousands) A summary of activity of consolidated investments in real estate and accumulated depreciation is as follows: December 31, Real Estate 2024 2023 2022 Balance at beginning of period $ 36,618,530 $ 34,299,503 $ 28,751,910 Acquisitions (including real estate, land, and joint venture consolidation) 248,378 296,694 2,722,214 Additions to real estate 2,368,086 3,107,612 3,388,478 Deductions (including dispositions and direct financing leases) (1,499,776) (1,085,279) (563,099) Balance at end of period $ 37,735,218 $ 36,618,530 $ 34,299,503 December 31, Accumulated Depreciation 2024 2023 2022 Balance at beginning of period $ 4,985,019 $ 4,354,063 $ 3,771,241 Depreciation expense on properties 996,550 841,893 751,584 Sale of properties (356,390) (210,937) (168,762) Balance at end of period $ 5,625,179 $ 4,985,019 $ 4,354,063

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 322,949	$ 103,639	$ 521,660

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	12 Months Ended
	Dec. 31, 2024 shares	Dec. 31, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Marc E. Binda [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On December 12, 2024 , Marc E. Binda , our Chief Financial Officer and Treasurer , entered into a Rule 10b5-1 trading arrangement providing for the sale, from time to time, of up to 15,945 shares of common stock through December 12, 2025 . Mr. Binda’s trading plan was entered into during an open insider trading window and is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act and our insider trading policy.
Name	Marc E. Binda
Title	Chief Financial Officer and Treasurer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 12, 2024
Expiration Date	December 12, 2025
Arrangement Duration	365 days
Aggregate Available	15,945	15,945
Daniel J. Ryan [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On December 16, 2024 , Daniel J. Ryan , our Co-President and Regional Market Director – San Diego , entered into a Rule 10b5-1 trading arrangement providing for the sale, from time to time, of up to 30,000 shares of common stock. The arrangement will be effective through August 14, 2025 . Mr. Ryan’s trading plan was entered into during an open insider trading window and is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act and our insider trading policy.
Name	Daniel J. Ryan
Title	Co-President and Regional Market Director – San Diego
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 16, 2024
Expiration Date	August 14, 2025
Arrangement Duration	241 days
Aggregate Available	30,000	30,000

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Our corporate information technology, communication networks, enterprise applications, accounting and financial reporting platforms, and related systems, and those that we offer to our tenants are necessary for the operation of our business. We use these systems, among others, to manage our tenant and vendor relationships, for internal communications, for accounting to operate record- keeping function, and for many other key aspects of our business. Our business operations rely on the secure collection, storage, transmission, and other processing of proprietary, confidential, and sensitive data. We have implemented and maintain various information security processes designed to identify, assess and manage material risks from cybersecurity threats to our critical computer networks, third-party hosted services, communications systems, hardware and software, and our critical data, including intellectual property, confidential information that is proprietary, strategic or competitive in nature, and tenant data (“Information Systems and Data”). We rely on a multidisciplinary team, including our information security function, legal department, management, and third-party service providers, as described further below, to identify, assess, and manage cybersecurity threats and risks. We identify and assess risks from cybersecurity threats by monitoring and evaluating our threat environment and our risk profile using various methods including, for example, using manual and automated tools, subscribing to reports and services that identify cybersecurity threats, analyzing reports of threats and threat actors, conducting scans of the threat environment, evaluating our industry’s risk profile, utilizing internal and external audits, and conducting threat and vulnerability assessments. Depending on the environment, we implement and maintain various technical, physical, and organizational measures, processes, standards, and/or policies designed to manage and mitigate material risks from cybersecurity threats to our Information Systems and Data, including risk assessments, incident detection and response, vulnerability management, disaster recovery and business continuity plans, internal controls within our accounting and financial reporting functions, encryption of data, network security controls, access controls, physical security, asset management, systems monitoring, vendor risk management program, employee training, and penetration testing. We work with third parties from time to time that assist us to identify, assess, and manage cybersecurity risks, including professional services firms, consulting firms, threat intelligence service providers, and penetration testing firms. To operate our business, we utilize certain third-party service providers to perform a variety of functions. We seek to engage reliable, reputable service providers that maintain cybersecurity programs. Depending on the nature of the services provided, the sensitivity and quantity of information processed, and the identity of the service provider, our vendor management process may include reviewing the cybersecurity practices of such provider, contractually imposing obligations on the provider, conducting security assessments, and conducting periodic reassessments during their engagement. We are not aware of any risks from cybersecurity threats, including as a result of any cybersecurity incidents, which have materially affected or are reasonably likely to materially affect our Company, including our business strategy, results of operations, or financial condition. Refer to “Item 1A. Risk factors” in this annual report on Form 10-K, including “If our information technology networks or data, or those of third parties upon which we rely, are or were disrupted or otherwise compromised, we could experience costly remediation or other expenses, liability under federal and state laws, and litigation and investigations, any of which could result in substantial reputational damage and materially and adversely affect our business, financial condition, results of operations, cash flows, and the market price of our common stock”, for additional discussion about cybersecurity-related risks.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have implemented and maintain various information security processes designed to identify, assess and manage material risks from cybersecurity threats to our critical computer networks, third-party hosted services, communications systems, hardware and software, and our critical data, including intellectual property, confidential information that is proprietary, strategic or competitive in nature, and tenant data (“Information Systems and Data”). We rely on a multidisciplinary team, including our information security function, legal department, management, and third-party service providers, as described further below, to identify, assess, and manage cybersecurity threats and risks. We identify and assess risks from cybersecurity threats by monitoring and evaluating our threat environment and our risk profile using various methods including, for example, using manual and automated tools, subscribing to reports and services that identify cybersecurity threats, analyzing reports of threats and threat actors, conducting scans of the threat environment, evaluating our industry’s risk profile, utilizing internal and external audits, and conducting threat and vulnerability assessments. Depending on the environment, we implement and maintain various technical, physical, and organizational measures, processes, standards, and/or policies designed to manage and mitigate material risks from cybersecurity threats to our Information Systems and Data, including risk assessments, incident detection and response, vulnerability management, disaster recovery and business continuity plans, internal controls within our accounting and financial reporting functions, encryption of data, network security controls, access controls, physical security, asset management, systems monitoring, vendor risk management program, employee
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board of Directors holds oversight responsibility over the Company’s strategy and risk management, including material risks related to cybersecurity threats. This oversight is executed directly by the Board of Directors and through its committees. The Audit Committee of the Board of Directors (the “Audit Committee”) oversees the management of systemic risks, including cybersecurity, in accordance with its charter. The Audit Committee engages in regular discussions with management regarding the Company’s significant financial risk exposures and the measures implemented to monitor and control these risks, including those that may result from material
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Management, including the Chief Technology Officer and Chief Financial Officer and Treasurer, serves on the Company’s incident response team to help the Company mitigate and remediate cybersecurity incidents of which they are notified. In addition, the Company’s incident response processes include reporting to the Audit Committee for certain cybersecurity incidents.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our cybersecurity incident response and vulnerability management processes are designed to escalate certain cybersecurity incidents to members of management depending on the circumstances. Management, including the Chief Technology Officer and Chief Financial Officer and Treasurer, serves on the Company’s incident response team to help the Company mitigate and remediate cybersecurity incidents of which they are notified. In addition, the Company’s incident response processes include reporting to the Audit Committee for certain cybersecurity incidents. The Audit Committee holds quarterly meetings and receives periodic reports from management, including from our Chief Technology Officer and Chief Financial Officer and Treasurer , concerning the Company’s significant cybersecurity threats and risk and the processes the Company has implemented to address them.
Cybersecurity Risk Role of Management [Text Block]	Our management, represented by our Chief Technology Officer, Greg C. Thomas, and our Chief Financial Officer and Treasurer, Marc E. Binda , leads our cybersecurity risk assessment and management processes and oversees their implementation and maintenance. Greg C. Thomas is an experienced information technology professional in our information technology department and has served as Chief Technology Officer since 2018. He works with the Company’s internal information technology department and external partners to monitor and improve our cybersecurity capabilities. Mr. Thomas possesses a proven real estate industry track record of guiding organizations through strategic technology, organizational, risk mitigation, process improvement initiatives, and digital transformations. He also possesses extensive experience in technology and cybersecurity, gained over his career spanning more than 30 years, including as Chief Information Officer at two other large real estate firms, as well as in leadership roles within the real estate industry technology practices of Ernst & Young LLP and Deloitte LLP. He earned Bachelor of Science degrees in Systems Analysis and Finance from Miami University. Marc E. Binda, CPA, is an experienced risk management professional in our finance and risk management function and has served as Chief Financial Officer since September 2023 and as Treasurer since April 2018. Mr. Binda previously served as Executive Vice President – Finance and Treasurer from June 2019 to September 2023, as Senior Vice President – Finance and Treasurer from April 2018 to June 2019, as Senior Vice President – Finance from April 2012 to April 2018, and in other capacities from January 2005 to April 2012. Mr. Binda currently oversees key functions for the Company’s accounting, finance, and treasury strategies, including risk management. In addition, Mr. Binda leads the Company’s cybersecurity risk oversight and the development and enhancement of internal controls designed to prevent, detect, address, and mitigate the risk of cyber incidents. Management, in coordination with our information technology department, is responsible for hiring appropriate personnel, helping to integrate cybersecurity risk considerations into the Company’s overall risk management strategy, and communicating key priorities to relevant personnel. Management is responsible for approving budgets, approving cybersecurity processes, and reviewing cybersecurity assessments and other cybersecurity-related matters. Our cybersecurity incident response and vulnerability management processes are designed to escalate certain cybersecurity incidents to members of management depending on the circumstances. Management, including the Chief Technology Officer and Chief Financial Officer and Treasurer, serves on the Company’s incident response team to help the Company mitigate and remediate cybersecurity incidents of which they are notified. In addition, the Company’s incident response processes include reporting to the Audit Committee for certain cybersecurity incidents. The Audit Committee holds quarterly meetings and receives periodic reports from management, including from our Chief Technology Officer and Chief Financial Officer and Treasurer , concerning the Company’s significant cybersecurity threats and risk and the processes the Company has implemented to address them.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our management, represented by our Chief Technology Officer, Greg C. Thomas, and our Chief Financial Officer and Treasurer, Marc E. Binda , leads our cybersecurity risk assessment and management processes and oversees their implementation and
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Greg C. Thomas is an experienced information technology professional in our information technology department and has served as Chief Technology Officer since 2018. He works with the Company’s internal information technology department and external partners to monitor and improve our cybersecurity capabilities. Mr. Thomas possesses a proven real estate industry track record of guiding organizations through strategic technology, organizational, risk mitigation, process improvement initiatives, and digital transformations. He also possesses extensive experience in technology and cybersecurity, gained over his career spanning more than 30 years, including as Chief Information Officer at two other large real estate firms, as well as in leadership roles within the real estate industry technology practices of Ernst & Young LLP and Deloitte LLP. He earned Bachelor of Science degrees in Systems Analysis and Finance from Miami University. Marc E. Binda, CPA, is an experienced risk management professional in our finance and risk management function and has served as Chief Financial Officer since September 2023 and as Treasurer since April 2018. Mr. Binda previously served as Executive Vice President – Finance and Treasurer from June 2019 to September 2023, as Senior Vice President – Finance and Treasurer from April 2018 to June 2019, as Senior Vice President – Finance from April 2012 to April 2018, and in other capacities from January 2005 to April 2012. Mr. Binda currently oversees key functions for the Company’s accounting, finance, and treasury strategies, including risk management. In addition, Mr. Binda leads the Company’s cybersecurity risk oversight and the development and enhancement of internal controls designed to prevent, detect, address, and mitigate the risk of cyber incidents.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our management, represented by our Chief Technology Officer, Greg C. Thomas, and our Chief Financial Officer and Treasurer, Marc E. Binda , leads our cybersecurity risk assessment and management processes and oversees their implementation and maintenance. Greg C. Thomas is an experienced information technology professional in our information technology department and has served as Chief Technology Officer since 2018. He works with the Company’s internal information technology department and external partners to monitor and improve our cybersecurity capabilities. Mr. Thomas possesses a proven real estate industry track record of guiding organizations through strategic technology, organizational, risk mitigation, process improvement initiatives, and digital transformations. He also possesses extensive experience in technology and cybersecurity, gained over his career spanning more than 30 years, including as Chief Information Officer at two other large real estate firms, as well as in leadership roles within the real estate industry technology practices of Ernst & Young LLP and Deloitte LLP. He earned Bachelor of Science degrees in Systems Analysis and Finance from Miami University. Marc E. Binda, CPA, is an experienced risk management professional in our finance and risk management function and has served as Chief Financial Officer since September 2023 and as Treasurer since April 2018. Mr. Binda previously served as Executive Vice President – Finance and Treasurer from June 2019 to September 2023, as Senior Vice President – Finance and Treasurer from April 2018 to June 2019, as Senior Vice President – Finance from April 2012 to April 2018, and in other capacities from January 2005 to April 2012. Mr. Binda currently oversees key functions for the Company’s accounting, finance, and treasury strategies, including risk management. In addition, Mr. Binda leads the Company’s cybersecurity risk oversight and the development and enhancement of internal controls designed to prevent, detect, address, and mitigate the risk of cyber incidents. Management, in coordination with our information technology department, is responsible for hiring appropriate personnel, helping to integrate cybersecurity risk considerations into the Company’s overall risk management strategy, and communicating key priorities to relevant personnel. Management is responsible for approving budgets, approving cybersecurity processes, and reviewing cybersecurity assessments and other cybersecurity-related matters. Our cybersecurity incident response and vulnerability management processes are designed to escalate certain cybersecurity incidents to members of management depending on the circumstances. Management, including the Chief Technology Officer and Chief Financial Officer and Treasurer, serves on the Company’s incident response team to help the Company mitigate and remediate cybersecurity incidents of which they are notified. In addition, the Company’s incident response processes include reporting to the Audit Committee for certain cybersecurity incidents. The Audit Committee holds quarterly meetings and receives periodic reports from management, including from our Chief Technology Officer and Chief Financial Officer and Treasurer , concerning the Company’s significant cybersecurity threats and risk and the processes the Company has implemented to address them.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation	Consolidation On an ongoing basis, as circumstances indicate the need for reconsideration, we evaluate each legal entity that is not wholly owned by us in accordance with the consolidation accounting guidance. Our evaluation considers all of our variable interests, including equity ownership, as well as fees paid to us for our involvement in the management of each partially owned entity. To fall within the scope of the consolidation guidance, an entity must meet both of the following criteria: • The entity has a legal structure that has been established to conduct business activities and to hold assets; such entity can be in the form of a partnership, limited liability company, or corporation, among others; and • We have a variable interest in the legal entity — i.e., variable interests that are contractual, such as equity ownership, or other financial interests that change with changes in the fair value of the entity’s net assets. If an entity does not meet both criteria above, we apply other accounting literature, such as the equity method of accounting. If an entity does meet both criteria above, we evaluate such entity for consolidation under either the variable interest model if the legal entity meets any of the characteristics below to qualify as a VIE, or under the voting model for all other legal entities that are not VIEs. A legal entity is determined to be a VIE if it has any of the following three characteristics: 1) The entity does not have sufficient equity to finance its activities without additional subordinated financial support; 2) The entity is established with non-substantive voting rights (i.e., the entity deprives the majority economic interest holder(s) of voting rights); or 3) The equity holders, as a group, lack the characteristics of a controlling financial interest. Equity holders meet this criterion if they lack any of the following: • The power, through voting rights or similar rights, to direct the activities of the entity that most significantly influence the entity’s economic performance, as evidenced by: • Substantive participating rights in day-to-day management of the entity’s activities; or • Substantive kick-out rights over the party responsible for significant decisions; • The obligation to absorb the entity’s expected losses; or • The right to receive the entity’s expected residual returns. For an entity, including our real estate joint ventures, structured as a limited partnership or a limited liability company, our evaluation of whether the equity holders (equity partners other than the general partner or the managing member of a joint venture) lack the characteristics of a controlling financial interest includes the evaluation of whether the limited partners or non-managing members (the noncontrolling equity holders) lack both substantive participating rights and substantive kick-out rights, defined as follows: • Participating rights provide the noncontrolling equity holders the ability to direct significant financial and operating decisions made in the ordinary course of business that most significantly influence the entity’s economic performance. • Kick-out rights allow the noncontrolling equity holders to remove the general partner or managing member without cause. If we conclude that any of the three characteristics of a VIE are met, including that the equity holders lack the characteristics of a controlling financial interest because they lack both substantive participating rights and substantive kick-out rights, we conclude that the entity is a VIE and evaluate it for consolidation under the variable interest model. Variable interest model If an entity is determined to be a VIE, we evaluate whether we are the primary beneficiary. The primary beneficiary analysis is a qualitative analysis based on power and benefits. We consolidate a VIE if we have both power and benefits — that is, (i) we have the power to direct the activities of a VIE that most significantly influence the VIE’s economic performance (power) and (ii) we have the obligation to absorb losses of or the right to receive benefits from the VIE that could potentially be significant to the VIE (benefits). We consolidate VIEs whenever we determine that we are the primary beneficiary. Refer to Note 4 – “Consolidated and unconsolidated real estate joint ventures” and Note 7 – “Investments” to our consolidated financial statements for information on specific entities that qualify as VIEs. If we have a variable interest in a VIE but are not the primary beneficiary, we account for our investment using the equity method. Voting model If a legal entity fails to meet any of the three characteristics of a VIE (i.e., insufficiency of equity, existence of non-substantive voting rights, or lack of a controlling financial interest), we then evaluate such entity under the voting model. Under the voting model, we consolidate the entity if we determine that we, directly or indirectly, have greater than 50% of the voting shares (or own a majority of the limited partnership’s kick-out rights through voting interests), and that other equity holders do not have substantive participating rights. Refer to Note 4 – “Consolidated and unconsolidated real estate joint ventures” to our consolidated financial statements for information on specific joint ventures that qualify for evaluation under the voting model.
Use of estimates	Use of estimates The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, and equity; the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements; and the amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates.
Investments in real estate	Investments in real estate Evaluation of business combination or asset acquisition We evaluate each acquisition of real estate or in-substance real estate (including equity interests in entities that predominantly hold real estate assets) to determine whether the integrated set of assets and activities acquired meets the definition of a business and needs to be accounted for as a business combination. An acquisition of an integrated set of assets and activities that does not meet the definition of a business is accounted for as an asset acquisition. If either of the following criteria is met, the integrated set of assets and activities acquired would not qualify as a business: • Substantially all of the fair value of the gross assets acquired is concentrated in either a single identifiable asset or a group of similar identifiable assets; or • The integrated set of assets and activities is lacking, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs (i.e., revenue generated before and after the transaction). An acquired process is considered substantive if: • The process includes an organized workforce (or includes an acquired contract that provides access to an organized workforce) that is skilled, knowledgeable, and experienced in performing the process; • The process cannot be replaced without significant cost, effort, or delay; or • The process is considered unique or scarce. Generally, our acquisitions of real estate or in-substance real estate do not meet the definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e., land, buildings, and related intangible assets) or because the acquisition does not include a substantive process in the form of an acquired workforce or an acquired contract that cannot be replaced without significant cost, effort, or delay. When evaluating acquired service or management contracts, we consider the nature of the services performed, the terms of the contract relative to similar arm’s-length contracts, and the availability of comparable vendors in evaluating whether the acquired contract constitutes a substantive process. Recognition of real estate acquired We evaluate each acquisition of real estate or in-substance real estate (including equity interests in entities that predominantly hold real estate assets) to determine whether the integrated set of assets and activities acquired meets the definition of a business and needs to be accounted for as a business combination. An acquisition of an integrated set of assets and activities that does not meet the definition of a business is accounted for as an asset acquisition. For acquisitions of real estate or in-substance real estate that are accounted for as business combinations, we allocate the acquisition consideration (excluding acquisition costs) to the assets acquired, liabilities assumed, noncontrolling interests, and previously existing ownership interests at fair value as of the acquisition date. Assets include intangible assets such as tenant relationships, acquired in-place leases, and favorable intangibles associated with in-place leases in which we are the lessor. Liabilities include unfavorable intangibles associated with in-place leases in which we are the lessor. In addition, for acquired in-place finance or operating leases in which we are the lessee, acquisition consideration is allocated to lease liabilities and related right-of-use assets, adjusted to reflect favorable or unfavorable terms of the lease when compared with market terms. Any excess (deficit) of the consideration transferred relative to the fair value of the net assets acquired is accounted for as goodwill (bargain purchase gain). Acquisition costs related to business combinations are expensed as incurred. Generally, we expect that acquisitions of real estate or in-substance real estate will not meet the definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e., land, buildings, and related intangible assets). The accounting model for asset acquisitions is similar to the accounting model for business combinations, except that the acquisition consideration (including acquisition costs) is allocated to the individual assets acquired and liabilities assumed on a relative fair value basis. Any excess (deficit) of the consideration transferred relative to the sum of the fair value of the assets acquired and liabilities assumed is allocated to the individual assets and liabilities based on their relative fair values. As a result, asset acquisitions do not result in the recognition of goodwill or a bargain purchase gain. Incremental and external direct acquisition costs related to acquisitions of real estate or in-substance real estate (such as legal and other third-party services) are capitalized. We exercise judgment to determine the key assumptions used to allocate the purchase price of real estate acquired among its components. The allocation of the consideration to the various components of properties acquired during the year can have an effect on our net income due to the useful depreciable and amortizable lives applicable to each component and the recognition of the related depreciation and amortization expense in our consolidated statements of operations. We apply judgment in utilizing available comparable market information to assess relative fair value. We assess the relative fair values of tangible and intangible assets and liabilities based on available comparable market information, including estimated replacement costs, rental rates, and recent market transactions. In addition, we may use estimated cash flow projections that utilize appropriate discount and capitalization rates. Estimates of future cash flows are based on a number of factors, including the historical operating results, known and anticipated trends, and market/economic conditions that may affect the property. The value of tangible assets acquired is based upon our estimation of fair value on an “as if vacant” basis. The value of acquired in-place leases includes the estimated costs during the hypothetical lease-up period and other costs that would have been incurred in the execution of similar leases under the market conditions at the acquisition date of the acquired in-place lease. If there is a bargain fixed-rate renewal option for the period beyond the noncancelable lease term of an in-place lease, we evaluate intangible factors, such as the business conditions in the industry in which the lessee operates, the economic conditions in the area in which the property is located, and the ability of the lessee to sublease the property during the renewal term, in order to determine the likelihood that the lessee will renew. When we determine that there is reasonable assurance that such bargain purchase option will be exercised, we consider the option in determining the intangible value of such lease and its related amortization period. We also recognize the relative fair values of assets acquired, the liabilities assumed, and any noncontrolling interest in acquisitions of less than a 100% interest when the acquisition constitutes a change in control of the acquired entity. Depreciation and amortization The values allocated to buildings and building improvements, land improvements, tenant improvements, and equipment are depreciated on a straight-line basis. For buildings and building improvements, we depreciate using the shorter of the respective ground lease terms or their estimated useful lives, not to exceed 40 years . Land improvements are depreciated over their estimated useful lives, not to exceed 20 years . Tenant improvements are depreciated over their respective lease terms or estimated useful lives, and equipment is depreciated over the shorter of the lease term or its estimated useful life. The values of the right-of-use assets are amortized on a straight-line basis over the remaining terms of each related lease. The values of acquired in-place leases and associated favorable intangibles (i.e., acquired above-market leases) are classified in other assets in our consolidated balance sheets and are amortized over the remaining terms of the related leases as a reduction of income from rentals in our consolidated statements of operations. The values of unfavorable intangibles (i.e., acquired below-market leases) associated with acquired in-place leases are classified in accounts payable, accrued expenses, and other liabilities in our consolidated balance sheets and are amortized over the remaining terms of the related leases as an increase in income from rentals in our consolidated statements of operations. Capitalized project costs We capitalize project costs, including pre-construction costs, interest, property taxes, insurance, and other costs directly related and essential to the development, redevelopment, pre-construction, or construction of a project. Capitalization of development, redevelopment, pre-construction, and construction costs is required while activities are ongoing to prepare an asset for its intended use. Fluctuations in our development, redevelopment, pre-construction, and construction activities could result in significant changes to total expenses and net income. Costs incurred after a project is substantially complete and ready for its intended use are expensed as incurred. Should development, redevelopment, pre-construction, or construction activity cease, interest, property taxes, insurance, and certain other costs would no longer be eligible for capitalization and would be expensed as incurred. Expenditures for repairs and maintenance are expensed as incurred. Real estate sales A property is classified as held for sale when all of the following criteria for a plan of sale have been met: (i) management, having the authority to approve the action, commits to a plan to sell the property; (ii) the property is available for immediate sale in its present condition, subject only to terms that are usual and customary; (iii) an active program to locate a buyer and other actions required to complete the plan to sell have been initiated; (iv) the sale of the property is probable and is expected to be completed within one year ; (v) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions necessary to complete the plan of sale indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Depreciation of assets ceases upon designation of a property as held for sale. If the disposal of a property represents a strategic shift that has (or will have) a major effect on our operations or financial results, such as (i) a major line of business, (ii) a major geographic area, (iii) a major equity method investment, or (iv) other major parts of an entity, then the operations of the property, including any interest expense directly attributable to it, are classified as discontinued operations in our consolidated statements of operations, and amounts for all prior periods presented are reclassified from continuing operations to discontinued operations. The disposal of an individual property generally will not represent a strategic shift and therefore will typically not meet the criteria for classification as a discontinued operation. We recognize gains or losses on real estate sales in accordance with the accounting standard on the derecognition of nonfinancial assets arising from contracts with noncustomers. Our ordinary output activities consist of the leasing of space to our tenants in our operating properties, not the sales of real estate. Therefore, sales of real estate (in which we are the seller) qualify as contracts with noncustomers. In our transactions with noncustomers, we apply certain recognition and measurement principles consistent with our method of recognizing revenue arising from contracts with customers. Derecognition of the asset is based on the transfer of control. If a real estate sales contract includes our ongoing involvement with the property, then we evaluate each promised good or service under the contract to determine whether it represents a separate performance obligation, constitutes a guarantee, or prevents the transfer of control. If a good or service is considered a separate performance obligation, an allocated portion of the transaction price is recognized as revenue as we transfer the related good or service to the buyer. The recognition of gain or loss on the sale of a partial interest also depends on whether we retain a controlling or noncontrolling interest in the property. If we retain a controlling interest in the property upon completion of the sale, we continue to reflect the asset at its book value, record a noncontrolling interest for the book value of the partial interest sold, and recognize additional paid-in capital for the difference between the consideration received and the partial interest at book value. Conversely, if we retain a noncontrolling interest upon completion of the sale of a partial interest of real estate, we recognize a gain or loss as if 100% of the asset were sold.
Impairment of long-lived assets	Impairment of long-lived assets Prior to and subsequent to the end of each quarter, we review current activities and changes in the business conditions of all of our long-lived assets to determine the existence of any triggering events or impairment indicators requiring an impairment analysis. If triggering events or impairment indicators are identified, we review an estimate of the future undiscounted cash flows, including, if necessary, a probability-weighted approach if multiple outcomes are under consideration. Long-lived assets to be held and used, including our rental properties, CIP, land held for development, right-of-use assets related to operating leases in which we are the lessee, and intangibles, are individually evaluated for impairment when conditions exist that may indicate that the carrying amount of a long-lived asset may not be recoverable. The carrying amount of a long-lived asset to be held and used is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Triggering events or impairment indicators for long-lived assets to be held and used are assessed by project and include significant fluctuations in estimated net operating income, occupancy changes, significant near-term lease expirations, current and historical operating and/or cash flow losses, construction costs, estimated completion dates, rental rates, and other market factors. We assess the expected undiscounted cash flows based upon numerous factors, including, but not limited to, projected rental rates, exit capitalization rates, and construction costs for projects under development, which are based on available market information, current and historical operating results, known trends, current market/economic conditions that may affect the asset, and our assumptions about the use of the asset, including, if necessary, a probability-weighted approach if multiple outcomes are under consideration. Upon determination that an impairment has occurred, a write-down is recognized to reduce the carrying amount of the asset to its estimated fair value. If an impairment charge is not required to be recognized, the recognition of depreciation or amortization is adjusted prospectively, as necessary, to reduce the carrying amount of the asset to its estimated disposition value over the remaining period that the asset is expected to be held and used. We may adjust depreciation of properties that are expected to be disposed of or redeveloped prior to the end of their useful lives. We use the held for sale impairment model for our properties classified as held for sale, which is different from the held and used impairment model. Under the held for sale impairment model, an impairment charge is recognized if the carrying amount of the long-lived asset classified as held for sale exceeds its fair value less cost to sell. Because of these two different models, it is possible for a long-lived asset previously classified as held and used to require the recognition of an impairment charge upon classification as held for sale.
International operations	International operations In addition to operating properties in the U.S., we have 11 properties in Canada. The functional currency for our subsidiaries operating in the U.S. is the U.S. dollar. The local currency of a foreign subsidiary serves as its functional currency. The assets and liabilities of our foreign subsidiaries are translated into U.S. dollars at the exchange rate in effect as of the financial statement date. Revenue and expense accounts of our foreign subsidiaries are translated using the weighted-average exchange rate for the periods presented. Gains or losses resulting from the translation are classified in accumulated other comprehensive income (loss) as a separate component of total equity and are excluded from net income (loss). Whenever a foreign investment meets the criteria for classification as held for sale, we evaluate the recoverability of the investment under the held for sale impairment model. We may recognize an impairment charge if the carrying amount of the investment exceeds its fair value less cost to sell. In determining an investment’s carrying amount, we consider its net book value and any cumulative unrealized foreign currency translation adjustment related to the investment. The appropriate amounts of foreign exchange rate gains or losses classified in accumulated other comprehensive income (loss) are reclassified to net income (loss) when realized upon the sale of our investment or upon the complete or substantially complete liquidation of our investment.
Investments	I nvestments We hold investments in publicly traded companies and privately held entities primarily involved in the life science industry. As a REIT, we generally limit our ownership of each individual entity’s voting stock to less than 10% . We evaluate each investment to determine whether we have the ability to exercise significant influence, but not control, over an investee. We evaluate investments in which our ownership is equal to or greater than 20%, but less than or equal to 50%, of an investee’s voting stock with a presumption that we have this ability. For our investments in limited partnerships that maintain specific ownership accounts, we presume that such ability exists when our ownership interest exceeds 3% to 5%. In addition to our ownership interest, we consider whether we have a board seat or whether we participate in the investee’s policymaking process, among other criteria, to determine if we have the ability to exert significant influence, but not control, over an investee. If we determine that we have such ability, we account for the investment under the equity method, as described below. From time to time, we may hold equity investments in publicly traded companies that are subject to contractual sale restrictions. We do not recognize a discount related to a contractual sale restriction. Investments accounted for under the equity method Under the equity method of accounting, we initially recognize our investment at cost and subsequently adjust the carrying amount of the investment for our share of earnings or losses reported by the investee, distributions received, and other-than-temporary impairments. For more information about our investments accounted for under the equity method, refer to Note 7 – “Investments” to our consolidated financial statements. Investments that do not qualify for the equity method of accounting For investees over which we determine that we do not have the ability to exercise significant influence or control, we account for each investment depending on whether it is an investment in a (i) publicly traded company, (ii) privately held entity that reports NAV per share, or (iii) privately held entity that does not report NAV per share, as described below. Investments in publicly traded companies Our investments in publicly traded companies are classified as investments with readily determinable fair values and are presented at fair value in our consolidated balance sheets, with changes in fair value classified in investment income (loss) in our consolidated statements of operations. The fair values for our investments in publicly traded companies are determined based on sales prices or quotes available on securities exchanges. Investments in privately held companies Our investments in privately held entities without readily determinable fair values consist of (i) investments in privately held entities that report NAV per share and (ii) investments in privately held entities that do not report NAV per share. These investments are accounted for as follows: Investments in privately held entities that report NAV per share Investments in privately held entities that report NAV per share, such as our privately held investments in limited partnerships, are presented at fair value using NAV as a practical expedient, with changes in fair value classified in investment income (loss) in our consolidated statements of operations. We use NAV per share reported by limited partnerships generally without adjustment, unless we are aware of information indicating that the NAV reported by a limited partnership does not accurately reflect the fair value of the investment at our reporting date. Investments in privately held entities that do not report NAV per share Investments in privately held entities that do not report NAV per share are accounted for using a measurement alternative under which these investments are measured at cost, adjusted for observable price changes and impairments, with changes classified in investment income (loss) in our consolidated statements of operations. An observable price arises from an orderly transaction for an identical or similar investment of the same issuer, which is observed by an investor without expending undue cost and effort. Observable price changes result from, among other things, equity transactions of the same issuer executed during the reporting period, including subsequent equity offerings or other reported equity transactions related to the same issuer. To determine whether these transactions are indicative of an observable price change, we evaluate, among other factors, whether these transactions have similar rights and obligations, including voting rights, distribution preferences, and conversion rights to the investments we hold. Impairment evaluation of equity method investments and investments in privately held entities that do not report NAV per share We monitor equity method investments and investments in privately held entities that do not report NAV per share for new developments, including operating results, prospects and results of clinical trials, new product initiatives, new collaborative agreements, capital-raising events, and merger and acquisition activities. These investments are evaluated on the basis of a qualitative assessment for indicators of impairment by monitoring the presence of the following triggering events or impairment indicators: (i) a significant deterioration in the earnings performance, credit rating, asset quality, or business prospects of the investee; (ii) a significant adverse change in the regulatory, economic, or technological environment of the investee; (iii) a significant adverse change in the general market condition, including the research and development of technology and products that the investee is bringing or attempting to bring to the market; (iv) significant concerns about the investee’s ability to continue as a going concern; and/or (v) a decision by investors to cease providing support or reduce their financial commitment to the investee. If such indicators are present, we are required to estimate the investment’s fair value and immediately recognize an impairment charge in an amount equal to the investment’s carrying value in excess of its estimated fair value. Investment income/loss recognition and classification We recognize both realized and unrealized gains and losses in our consolidated statements of operations, classified in investment income (loss) in our consolidated statements of operations. Unrealized gains and losses represent: (i) changes in fair value for investments in publicly traded companies; (ii) changes in NAV for investments in privately held entities that report NAV per share; (iii) observable price changes for investments in privately held entities that do not report NAV per share; and (iv) our share of unrealized gains or losses reported by our equity method investees. Realized gains and losses on our investments represent the difference between proceeds received upon disposition of investments and their historical or adjusted cost basis. For our equity method investments, realized gains and losses represent our share of realized gains or losses reported by the investee. Impairments are realized losses, which result in an adjusted cost basis, and represent charges to reduce the carrying values of investments in privately held entities that do not report NAV per share and equity method investments, if impairments are deemed other than temporary, to their estimated fair value.
Revenues	Revenues The table below provides details of our consolidated total revenues for the years ended December 31, 2024 , 2023 , and 2022 (in thousands): Year Ended December 31, 2024 2023 2022 Income from rentals: Revenues subject to the lease accounting standard: Operating leases $ 3,005,137 $ 2,802,567 $ 2,534,862 Direct financing leases 2,653 2,608 3,094 Revenues subject to the lease accounting standard 3,007,790 2,805,175 2,537,956 Revenues subject to the revenue recognition accounting standard 41,916 37,281 38,084 Income from rentals 3,049,706 2,842,456 2,576,040 Other income 66,688 43,243 12,922 Total revenues $ 3,116,394 $ 2,885,699 $ 2,588,962 During the years ended December 31, 2024 , 2023 , and 2022 , revenues that were subject to the lease accounting standard aggregated $3.0 billion , $2.8 billion , and $2.5 billion , respectively, and represented 96.5% , 97.2% , and 98.0% , respectively, of our total revenues. Our other income consisted primarily of management fees and interest income earned during each year presente d. For a detailed discussion related to our revenue streams, refer to “ Lease accounting ” and “ Recognition of revenue arising from contracts with customers ” in Note 2 – “Summary of significant accounting policies” to our consolidated financial statements.
Leases Summary	Lease accounting Definition and classification of a lease When we enter into a contract or amend an existing contract, we evaluate whether the contract meets the definition of a lease. To meet the definition of a lease, the contract must meet all three criteria: (i) One party (lessor) must hold an identified asset; (ii) The counterparty (lessee) must have the right to obtain substantially all of the economic benefits from the use of the asset throughout the period of the contract; and (iii) The counterparty (lessee) must have the right to direct the use of the identified asset throughout the period of the contract. We classify our leases as either finance leases or operating leases if we are the lessee, or sales-type, direct financing, or operating leases if we are the lessor. We use the following criteria to determine if a lease is a finance lease (as a lessee) or sales-type or direct financing lease (as a lessor): (i) Ownership is transferred from lessor to lessee by the end of the lease term; (ii) An option to purchase is reasonably certain to be exercised; (iii) The lease term is for the major part of the underlying asset’s remaining economic life; (iv) The present value of lease payments equals or exceeds substantially all of the fair value of the underlying asset; or (v) The underlying asset is specialized and is expected to have no alternative use at the end of the lease term. If we meet any of the above criteria, we account for the lease as a finance, a sales-type, or a direct financing lease. If we do not meet any of the criteria, we account for the lease as an operating lease. A lease is accounted for as a sales-type lease if it is considered to transfer control of the underlying asset to the lessee. A lease is accounted for as a direct financing lease if risks and rewards are conveyed without the transfer of control, which is normally indicated by the existence of a residual value guarantee from an unrelated third party other than the lessee. This classification will determine the method of recognition of the lease: • For an operating lease, we recognize income from rentals if we are the lessor, or rental operations expense if we are the lessee, over the term of the lease on a straight-line basis. • For a sales-type lease or a direct financing lease, we recognize the income from rentals, or for a finance lease, we recognize rental operations expense, over the term of the lease using the effective interest method. • At inception of a sales-type lease or a direct financing lease, if we determine the fair value of the leased property is lower than its carrying amount, we recognize a selling loss immediately at lease commencement. If fair value exceeds the carrying amount of a lease, a gain is recognized at lease commencement on a sales-type lease. For a direct financing
Leases, lessor accounting	Lessor accounting Costs to execute leases We capitalize initial direct costs, which represent only incremental costs to execute a lease that would not have been incurred if the lease had not been obtained. Costs that we incur to negotiate or arrange a lease, regardless of its outcome, such as for fixed employee compensation, tax or legal advice to negotiate lease terms, and other costs, are expensed as incurred. Operating leases We account for the revenue from our lease contracts by utilizing the single component accounting policy. This policy requires us to account for, by class of underlying asset, the lease component and nonlease component(s) associated with each lease as a single component if two criteria are met: (i) The timing and pattern of transfer of the lease component and the nonlease component(s) are the same; and (ii) The lease component would be classified as an operating lease if it were accounted for separately. Lease components consist primarily of fixed rental payments, which represent scheduled rental amounts due under our leases, and contingent rental payments. Nonlease components consist primarily of tenant recoveries representing reimbursements of rental operating expenses under our triple net lease structure, including recoveries for property taxes, insurance, utilities, repairs and maintenance, and common area expenses. If the lease component is the predominant component, we account for all revenues under such lease as a single component in accordance with the lease accounting standard. Conversely, if the nonlease component is the predominant component, all revenues under such lease are accounted for in accordance with the revenue recognition accounting standard. Our operating leases qualify for the single component accounting, and the lease component in each of our leases is predominant. Therefore, we account for all revenues from our operating leases under the lease accounting standard and classify these revenues as income from rentals in our consolidated statements of operations. We commence recognition of income from rentals related to the operating leases at the date the property is ready for its intended use by the tenant and the tenant takes possession or controls the physical use of the leased asset. When a lease includes construction of improvements, we determine whether the improvements are landlord or tenant assets. In determining if the improvements are landlord or tenant improvements, we consider various factors, including, but not limited to, the following: • Which party retains legal title to the improvements upon lease expiration; • Whether the improvements are expected to have significant residual value at the end of the lease term; • Whether the improvements are unique to the tenant; • What happens to the improvements upon lease expiration (i.e., whether they are removed or preserved for the landlord); • Which party bears all costs of the improvements (including the risk of cost overruns); and • Which party supervises the construction of the improvements. If the improvements are landlord assets, we capitalize such improvements. If the improvements are tenant assets, we do not capitalize these assets. Improvements that qualify as tenant assets, if funded by us, are accounted for as lease incentives and amortized as a reduction of revenue over the term of the lease. If the tenant funds improvements without reimbursement from us, and we determine these improvements to be landlord assets, we consider the amount associated with the improvements to be non-cash lease payments, which are recognized as incremental revenue over the term of the lease. Income from rentals related to fixed rental payments under operating leases is recognized on a straight-line basis over the respective operating lease terms. We classify amounts expected to be received in later periods as deferred rent in our consolidated balance sheets. Amounts received currently but recognized as revenue in future periods are classified in accounts payable, accrued expenses, and other liabilities in our consolidated balance sheets. Income from rentals related to variable payments includes tenant recoveries and contingent rental payments. Tenant recoveries, including reimbursements of utilities, repairs and maintenance, common area expenses, real estate taxes and insurance, and other operating expenses, are recognized as revenue in the period during which the applicable expenses are incurred and the tenant’s obligation to reimburse us arises. Income from rentals related to other variable payments is recognized when associated contingencies are removed. We assess collectibility from our tenants of future lease payments for each of our operating leases. If we determine that collectibility is probable, we recognize income from rentals based on the methodology described above. If we determine that collectibility is not probable, we recognize an adjustment to lower our income from rentals. Furthermore, we may recognize a general allowance at a portfolio level (not the individual level) if we do not expect to collect future lease payments in full. For each lease for which we determine that collectibility of future lease payments is not probable, we cease the recognition of income from rentals on a straight-line basis and limit the recognition of income to the lesser of payments collected from the lessee or lease income that would have been recognized on a straight-line basis. We do not resume straight-line recognition of income from rentals for these leases until we determine that the collectibility of future payments related to these leases is probable. We also record a general allowance related to the deferred rent balances that at the portfolio level (not the individual level) are not expected to be collected in full through the lease term. As of December 31, 2024 and 2023 , our general allowance balance aggregated $21.3 million and $21.4 million , respectively. Direct financing and sales-type leases Income from rentals related to direct financing and sales-type leases is recognized over the lease term using the effective interest rate method. At lease commencement, we record an asset within other assets in our consolidated balance sheets, which represents our net investment in the lease. This initial net investment is determined by aggregating the present values of the total future lease payments attributable to the lease and the estimated residual value of the property, less any unearned income related to our direct financing lease. Over the lease term, the investment in the lease accretes in value, producing a constant periodic rate of return on the net investment in the lease. Income from these leases is classified in income from rentals in our consolidated statements of operations. Our net investment is reduced over time as lease payments are received. We evaluate our net investment in direct financing and sales-type leases for impairment under the current expected credit losses accounting standard. For more information, refer to “ Provision for expected credit losses ” in Note 2 – “Summary of significant accounting policies” to our consolidated financial statements. As a lessor, we classify a lease with variable lease payments that do not depend on an index or a rate as an operating lease on the commencement date of the lease if both of the following criteria are met: (i) The lease would have been classified as a sales-type lease or direct financing lease under the current lease accounting standard; and (ii) The sales-type lease or direct financing lease classification would have resulted in a selling loss at lease commencement. We do not derecognize the underlying asset and do not recognize a loss upon lease commencement but continue to depreciate the underlying asset over its useful life.
Leases, lessee accounting	Lessee accounting We have operating lease agreements in which we are the lessee consisting of ground and office leases. At the lease commencement date (or at the acquisition date if the lease is acquired as part of a real estate acquisition), we are required to recognize a liability to account for our future obligations under these operating leases, and a corresponding right-of-use asset. The lease liability is measured based on the present value of the future lease payments, including payments during the term under our extension options that we are reasonably certain to exercise. The present value of the future lease payments is calculated for each operating lease using each respective remaining lease term and a corresponding estimated incremental borrowing rate, which is the interest rate that we estimate we would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments. Subsequently, the lease liability is accreted by applying a discount rate established at the lease commencement date to the lease liability balance as of the beginning of the period and is reduced by the payments made during the period. We classify the operating lease liability in accounts payable, accrued expenses, and other liabilities in our consolidated balance sheets. The right-of-use asset is measured based on the corresponding lease liability, adjusted for initial direct leasing costs and any other consideration exchanged with the landlord prior to the commencement of the lease, as well as adjustments to reflect favorable or unfavorable terms of an acquired lease when compared with market terms at the time of acquisition. Subsequently, the right-of-use asset is amortized on a straight-line basis during the lease term. We classify the right-of-use asset in other assets in our consolidated balance sheets.
Recognition of revenue arising from contracts with customers	Recognition of revenue arising from contracts with customers We recognize revenues associated with transactions arising from contracts with customers, excluding revenues subject to the lease accounting standard discussed in “ Lease accounting ” above, in accordance with the revenue recognition accounting standard. A customer is distinguished from a noncustomer by the nature of the goods or services that are transferred. Customers are provided with goods or services that are generated by a company’s ordinary output activities, whereas noncustomers are provided with nonfinancial assets that are outside of a company’s ordinary output activities. We generally recognize revenue representing the transfer of goods and services to customers in an amount that reflects the consideration to which we expect to be entitled in the exchange. In order to determine the recognition of revenue from customer contracts, we use a five-step model to (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) we satisfy the performance obligation. We identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of goods and services transfers to a customer. We consider whether we control the goods or services prior to the transfer to the customer in order to determine whether we should account for the arrangement as a principal or agent. If we determine that we control the goods or services provided to the customer, then we are the principal to the transaction, and we recognize the gross amount of consideration expected in the exchange. If we simply arrange but do not control the goods or services being transferred to the customer, then we are considered to be an agent to the transaction, and we recognize the net amount of consideration we are entitled to retain in the exchange. Total revenues subject to the revenue recognition accounting standard and classified within income from rentals in our consolidated statements of operations for the years ended December 31, 2024 and 2023 included $41.9 million and $37.3 million , respectively, primarily related to short-term parking revenues associated with long-term lease agreements. Short-term parking revenues do not qualify for the single component accounting policy, as discussed in “ Lessor accounting ” in Note 2 – “Summary of significant accounting policies,” due to the difference in the timing and pattern of transfer of our parking service obligations and associated lease components within the same lease agreement. We recognize short-term parking revenues in accordance with the revenue recognition accounting standard when the service is provided and the performance obligation is satisfied, which normally occurs at a point in time.
Monitoring of tenant credit quality	Monitoring of tenant credit quality During the term of each lease, we monitor the credit quality and any related material changes of our tenants by (i) monitoring the credit rating of tenants that are rated by a nationally recognized credit rating agency, (ii) reviewing financial statements of the tenants that are publicly available or that are required to be delivered to us pursuant to the applicable lease, (iii) monitoring news reports regarding our tenants and their respective businesses, and (iv) monitoring the timeliness of lease payments.
Notes receivable	Notes receivable We carry notes receivable at amortized cost, net of any unamortized discounts or premiums and adjusted for the estimated provision for expected credit losses. Interest income on notes receivable is recognized using the effective-interest method and is classified within other income in our consolidated statements of operations. Direct costs incurred in originating notes, along with any premium or discount, are deferred and amortized as an adjustment to interest income over the note’s term using the effective interest method. Notes receivable are classified within other assets in our consolidated balance sheets. Refer to Note 8 – “Other assets” to our consolidated financial statements for additional details.
Allowance for credit losses	Provision for expected credit losses We are required to estimate and recognize lifetime expected losses, rather than incurred losses, for most of our financial assets measured at amortized cost and certain other instruments, including trade and other receivables (excluding receivables arising from operating leases), loans, held-to-maturity debt securities, net investments in leases arising from sales-type and direct financing leases, and off-balance-sheet credit exposures (e.g., loan commitments). The recognition of such expected losses, even if the expected risk of credit loss is remote, typically results in earlier recognition of credit losses. At each reporting date, we reassess our provision for expected credit losses, and, if necessary, we recognize an adjustment for our current estimate of expected credit losses. Refer to Note 5 – “Leases” and Note 8 – “Other assets” to our consolidated financial statements for additional details. An assessment of the collectibility of operating lease payments and the recognition of an adjustment to lease income based on this assessment is governed by the lease accounting standard discussed in “ Lease accounting ” earlier in Note 2 – “Summary of significant accounting policies” to our consolidated financial statements.
Income taxes	Income taxes We are organized and operate as a REIT pursuant to the Internal Revenue Code (the “Code”). Under the Code, a REIT that distributes at least 90% of its REIT taxable income to its stockholders annually (excluding net capital gains) and meets certain other conditions is not subject to federal income tax on its distributed taxable income, but could be subject to certain federal, foreign, state, and local taxes. We distribute 100% of our taxable income annually; therefore, a provision for federal income taxes is not required. In addition to our REIT returns, we file federal, foreign, state, and local tax returns for our subsidiaries. We file with jurisdictions located in the U.S., Canada, and other international locations. Our tax returns are subject to routine examination in various jurisdictions for the 2018 through 2023 calendar years.
Employee and non-employee share-based payments	Employee and non-employee share-based payments We have implemented an entity-wide accounting policy to account for forfeitures related to unmet service conditions of share- based awards granted to employees and non-employees when they occur. Under this policy, when forfeitures occur, any previously recognized expense related to those forfeited awards is reversed in the period of forfeiture. Our employee and non-employee share-based awards are measured at fair value on the grant date and recognized over the recipient’s required service period. For share-based awards with performance conditions, we continue to assess the probability of achieving the performance conditions and recognize expense only when it becomes probable that the performance targets will be met. Conversely, for share-based awards with market conditions, expense is recognized regardless of whether the market condition is met. Dividends paid on share-based awards with nonforfeitable rights to dividends are initially classified in retained earnings and reclassified to compensation cost only if the underlying awards are forfeited. Conversely, for share-based awards with forfeitable rights to dividends, declared dividends are initially classified in retained earnings and in dividends payable within our consolidated balance sheets. If the underlying awards are forfeited, the corresponding accrual is reversed in the period of forfeiture. Upon vesting of the underlying share-based awards with forfeitable rights to dividends, the accumulated dividend payment is made and the dividend
Forward equity sales agreements	Forward equity sales agreements From time to time, we enter into forward equity sales agreements and account for them in accordance with the accounting guidance governing financial instruments and derivatives. Under the accounting guidance, our forward equity sales agreements are not deemed to be liabilities as they do not embody obligations to repurchase our shares, nor do they embody obligations to issue a variable number of shares for which the monetary value is predominantly fixed, varied with something other than the fair value of our shares, or varied inversely in relation to our shares. We also evaluate whether the agreements meet the derivatives and hedging guidance scope exception to be accounted for as equity instruments. Our forward equity sales agreements are classified as equity contracts based on the following assessment: (i) none of the agreements’ exercise contingencies are based on observable markets or indices besides those related to the market for our own stock price and operations; and (ii) none of the settlement provisions preclude the agreements from being indexed to our own stock.
Issuer and guarantor subsidiaries of guaranteed securities	Issuer and guarantor subsidiaries of guaranteed securities Generally, a parent entity of an issuer that holds guaranteed securities must provide separate subsidiary issuer or guarantor financial statements, unless it qualifies for disclosure exceptions. A parent entity may be eligible for disclosure exceptions if it meets the following criteria: (i) The subsidiary issuer or guarantor is a consolidated subsidiary of the parent company, and (ii) The subsidiary issues a registered security that is: • issued jointly and severally with the parent company, or • fully and unconditionally guaranteed by the parent company. A parent entity that meets the above criteria may instead present summarized financial information (“alternative disclosures”) either within the consolidated financial statements or in “Management’s discussion and analysis of financial condition and results of operations” in Item 7. We evaluated the criteria and determined that we are eligible for the disclosure exceptions, which allow us to provide alternative disclosures; as such, we present alternative disclosures in “Management’s discussion and analysis of financial condition and results of operations” in Item 7.
Loan fees	Loan fees Fees incurred in obtaining long-term financing are capitalized and classified with the corresponding debt instrument appearing on our consolidated balance sheets. Loan fees related to our unsecured senior line of credit are capitalized and classified within other assets. Capitalized amounts are amortized over the term of the related loan, and the amortization is classified in interest expense in our consolidated statements of operations.
Distributions from equity method investments	Distributions from equity method investments We use the “nature of the distribution” approach to determine the classification within our consolidated statements of cash flows of cash distributions received from equity method investments, including our unconsolidated real estate joint ventures and equity method non-real estate investments. Under this approach, distributions are classified based on the nature of the underlying activity that generated the cash distributions. If we lack the information necessary to apply this approach in the future, we will be required to apply the “cumulative earnings” approach as an accounting change on a retrospective basis. Under the cumulative earnings approach, distributions up to the amount of cumulative equity in earnings recognized are classified as cash inflows from operating activities, and those in excess of that amount are classified as cash inflows from investing activities.
Restricted Cash	Restricted cash We present cash and cash equivalents separately from restricted cash within our consolidated balance sheets. However, we include restricted cash with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown in the consolidated statements of cash flows. We provide a reconciliation between the consolidated balance sheets and the consolidated statements of cash flows, as required when the balance includes more than one line item for cash, cash equivalents, and restricted cash. We also provide a disclosure of the nature of the restrictions related to material restricted cash balances.
Recent accounting pronouncements	On August 23, 2023, the FASB issued an ASU 2023-05, Business Combinations — Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement , that requires a joint venture, upon formation, to measure its assets and liabilities at fair value in its standalone financial statements. A joint venture must recognize the difference between the fair value of its equity and the fair value of its identifiable assets and liabilities as goodwill (or an equity adjustment, if negative) using the business combination accounting guidance regardless of whether the net assets meet the definition of a business. The new accounting standard is intended to reduce diversity in practice. This ASU will apply to joint ventures that meet the definition of a corporate joint venture under GAAP, thus limiting its scope to joint ventures not controlled and therefore not consolidated by any joint venture investor. We generally seek to maintain control of our real estate joint ventures and therefore expect this ASU to apply to a limited number, if any, of our unconsolidated real estate joint ventures formed after the adoption of this accounting standard. This standard does not change the accounting of investments by the investors in a joint venture in their individual financial statements, and therefore, its adoption will have no impact on our consolidated financial statements. This accounting standard is effective for joint ventures with a formation date on or after January 1, 2025. We adopted this ASU on January 1, 2025. On November 27, 2023, the FASB issued an ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, that requires the quarterly disclosure of segment expenses if they are (i) significant to the segment, (ii) regularly provided to the chief operating decision maker (“CODM”), and (iii) included in each reported measure of a segment’s profit or loss. In addition, this ASU requires an annual disclosure of the CODM’s title and a description of how the CODM uses the segment’s profit/loss measure to assess segment performance and to allocate resources. We adopted this accounting standard on January 1, 2024. While the adoption has no impact on our financial statements, it has resulted in incremental disclosures within the footnotes to our consolidated financial statements. On November 4, 2024, the FASB issued an ASU 2024-03, Disaggregation of Income Statement Expenses , that will require entities to provide enhanced disclosures related to certain expense categories included in income statement captions. The ASU aims to increase transparency and provide investors with more detailed information about the nature of expenses reported on the face of the income statement. The new standard does not change the requirements for the presentation of expenses on the face of the income statement. Under this ASU, entities are required to disaggregate, in a tabular format, expense captions presented on the face of the income statement — excluding earnings or losses from equity method investments — if they include any of the following expense categories: purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depreciation or depletion. For any remaining items within each relevant expense caption, entities must provide a qualitative description of the nature of those expenses. The new ASU is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. We expect to adopt this ASU on January 1, 2027. While the adoption is not expected to have an impact on our financial statements, it is expected to result in incremental disclosures within the footnotes to our

Summary of significant accoun_3

Summary of significant accounting policies (Tables)	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Revenues subject to new accounting standards	The table below provides details of our consolidated total revenues for the years ended December 31, 2024 , 2023 , and 2022 (in thousands): Year Ended December 31, 2024 2023 2022 Income from rentals: Revenues subject to the lease accounting standard: Operating leases $ 3,005,137 $ 2,802,567 $ 2,534,862 Direct financing leases 2,653 2,608 3,094 Revenues subject to the lease accounting standard 3,007,790 2,805,175 2,537,956 Revenues subject to the revenue recognition accounting standard 41,916 37,281 38,084 Income from rentals 3,049,706 2,842,456 2,576,040 Other income 66,688 43,243 12,922 Total revenues $ 3,116,394 $ 2,885,699 $ 2,588,962

Investments in real estate (Tab

Investments in real estate (Tables)	12 Months Ended
	Dec. 31, 2024
Real Estate Properties [Line Items]
Investments in real estate	Our consolidated investments in real estate consisted of the following as of December 31, 2024 and 2023 (in thousands): December 31, 2024 2023 Rental properties: Land (related to rental properties) $ 3,863,027 $ 4,296,048 Buildings and building improvements 20,377,935 20,153,572 Other improvements 4,354,785 3,674,251 Rental properties 28,595,747 28,123,871 Development and redevelopment projects 8,618,727 8,220,672 Gross investments in real estate 37,214,474 36,344,543 Less: accumulated depreciation (5,477,082) (4,896,479) Investments in real estate assets held for sale (1) 372,647 185,447 Investments in real estate $ 32,110,039 $ 31,633,511 (1) See “Assets held for sale” below.
Assets held for sale	The following is a summary of net assets as of December 31, 2024 and 2023 for our real estate investments that were classified as held for sale as of each respective date (in thousands): December 31, 2024 2023 Investments in real estate $ 372,647 $ 185,447 Other assets 9,488 8,776 Total assets 382,135 194,223 Total liabilities (13,462) (4,750) Total accumulated other comprehensive income 2,584 1,960 Net assets classified as held for sale $ 371,257 $ 191,433
Real estate assets acquisitions	Our real estate asset acquisitions during the year ended December 31, 2024 consisted of the following (dollars in thousands): Square Footage Property Submarket/Market Date of Purchase Number of Properties Future Development Operating With Future Development/ Redevelopment Purchase Price (1) 285, 299, 307, and 345 Dorchester Avenue (2) Seaport Innovation District/Greater Boston 1/30/24 — 1,040,000 — $ 155,321 428 Westlake Avenue North Lake Union/Seattle 10/1/24 1 — 90,626 47,600 Other 46,490 Total 1,040,000 90,626 $ 249,411 (1) Represents the aggregate contractual purchase price of our acquisitions, which differs from purchases of real estate in our consolidated statements of cash flows due to the timing of payment, closing costs, and other acquisition adjustments such as prorations of rents and expenses. (2) Refer to Note 4 – “Consolidated and unconsolidated real estate joint ventures” to our consolidated financial statements for additional details.
Real estate assets dispositions	Our completed dispositions of real estate assets during the year ended December 31, 2024 consisted of the following (dollars in thousands): Property Submarket/Market Date of Sale Interest Sold RSF Land and Future SF Sales Price Gain on Sales of Real Estate 4755 and 4757 Nexus Center Drive and 4796 Executive Drive University Town Center/San Diego 12/30/24 100% 177,804 — $ 120,000 (1) $ 47,511 14225 Newbrook Drive Northern Virginia/Maryland 10/15/24 100% 248,186 — 80,500 37,074 1165 Eastlake Avenue East Lake Union/Seattle 9/12/24 100% 100,086 — 149,985 21,535 9444 Waples Street (50% consolidated JV) Sorrento Mesa/San Diego 12/23/24 100% — 149,000 31,000 (2) 8,175 (2) 6040 George Watts Hill Drive Research Triangle/Research Triangle 12/10/24 100% 149,585 — 93,500 5,004 100 Minuteman Road Other/Greater Boston 11/15/24 100% 308,970 — 67,300 4,042 849 and 863 Mitten Road and 866 Malcolm Road South San Francisco/San Francisco Bay Area 11/20/24 100% 103,857 — 24,000 — 99 A Street Seaport Innovation District/ Greater Boston 3/8/24 100% — 235,000 13,350 — 219 East 42nd Street New York City/New York City 7/9/24 100% 349,947 — 60,000 — 6101 Quadrangle Drive Research Triangle/Research Triangle 12/16/24 100% 31,600 — 11,310 — Other 38,617 5,971 $ 129,312 One Moderna Way Route 128/Greater Boston 12/17/24 100% 722,130 — 369,439 (3) 215 First Street, 150 Second Street, and 11 Hurley Street Cambridge/Greater Boston 12/20/24 100% 552,513 — 245,539 10048 and 10219 Meanley Drive and 10277 Scripps Ranch Boulevard Sorrento Mesa/San Diego 12/20/24 100% — 444,041 55,000 (1) $ 1,359,540 (4) 1401/1413 Research Boulevard ( 65% unconsolidated JV) Rockville/Maryland 10/31/24 100% (5) — $ 22,913 (5) $ 3,328 (5) (1) As part of the transaction, we provided partial seller financing. Refer to Note 8 – “Other assets” to our consolidated financial statements for additional information. (2) Our share of the sales price is $15.5 million , a nd our share of gain on sale is $3.2 million . (3) Refer to “Impairment charges” below for details on impairments recognized in connection with these transactions during the year ended December 31, 2024. (4) Represents the aggregate contractual sales price of our dispositions, which differs from proceeds from sales of real estate and contributions from and sales of noncontrolling interests in our consolidated statement of cash flows under “Investing activities” and “Financing activities,” respectively, primarily due to the timing of payment, closing costs, and other sales adjustments such as prorations of rents and expenses. (5) The unconsolidated real estate joint venture completed the sale of a retail shopping center aggregating 84,837 RSF. We received cash proceeds, net of our $18.6 million share of the debt balance , approximating our $3.3 million share of the gain on sale, which is classified in equity in earnings of unconsolidated real estate joint ventures in our consolidated statement of operations. Refer to Note 4 – “Consolidated and unconsolidated real estate joint ventures” to our consolidated financial statements for additional information.
Acquired below-market leases
Real Estate Properties [Line Items]
Schedule of Finite-Lived Intangible Assets	The balances of acquired below-market tenant leases existing as of December 31, 2024 and 2023 and related accumulated amortization, classified in accounts payable, accrued expenses, and other liabilities in our consolidated balance sheets as of December 31, 2024 and 2023 , were as follows (in thousands): December 31, 2024 2023 Acquired below-market leases $ 652,757 $ 696,875 Accumulated amortization (472,350) (374,835) $ 180,407 $ 322,040
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The weighted-average amortization period of the value of acquired below-market leases existing as of December 31, 2024 was approximately 7.0 years , and t he estimated annual amortization of the value of acquired below-market leases as of December 31, 2024 is as follows (in thousands): Year Amount 2025 $ 38,074 2026 25,502 2027 24,674 2028 12,822 2029 10,333 Thereafter 69,002 Total $ 180,407
Acquired-in-Place Leases
Real Estate Properties [Line Items]
Schedule of Finite-Lived Intangible Assets	The balances of acquired in-place leases and related accumulated amortization, classified in other assets in our consolidated balance sheets as of December 31, 2024 and 2023 , were as follows (in thousands): December 31, 2024 2023 Acquired in-place leases $ 1,032,744 $ 1,115,259 Accumulated amortization (727,600) (653,646) $ 305,144 $ 461,613
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Amortization for these intangible assets, classified in depreciation and amortization expense in our consolidated statements of operations, was approximately $108.7 million , $160.6 million , and $169.5 million for the years ended December 31, 2024, 2023, and 2022 , respectively. The weighted-average amortization period of the value of acquired in-place leases was approximately 6.8 years , and the estimated annual amortization of the value of acquired in-place leases as of December 31, 2024 is as follows (in thousands): Year Amount 2025 $ 71,513 2026 58,706 2027 46,211 2028 33,983 2029 28,407 Thereafter 66,324 Total $ 305,144

Consolidated and unconsolidat_2

Consolidated and unconsolidated real estate joint ventures (Tables)	12 Months Ended
	Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Consolidated And Unconsolidated Real Estate Joint Venture Properties	From time to time, we enter into joint venture agreements through which we own a partial interest in real estate entities that own, develop, and operate real estate properties. As of December 31, 2024 , our real estate joint ventures held the following properties: Property Market Submarket Our Ownership Interest (1) Consolidated real estate joint ventures (2) : 50 and 60 Binney Street Greater Boston Cambridge/Inner Suburbs 34.0% 75/125 Binney Street Greater Boston Cambridge/Inner Suburbs 40.0% 100 and 225 Binney Street and 300 Third Street Greater Boston Cambridge/Inner Suburbs 30.0% 99 Coolidge Avenue Greater Boston Cambridge/Inner Suburbs 75.0% 15 Necco Street Greater Boston Seaport Innovation District 56.7% 285, 299, 307, and 345 Dorchester Avenue Greater Boston Seaport Innovation District 60.0% Alexandria Center ® for Science and Technology – Mission Bay (3) San Francisco Bay Area Mission Bay 25.0% 1450 Owens Street San Francisco Bay Area Mission Bay 25.1% (4) 601, 611, 651, 681, 685, and 701 Gateway Boulevard San Francisco Bay Area South San Francisco 50.0% 751 Gateway Boulevard San Francisco Bay Area South San Francisco 51.0% 211 and 213 East Grand Avenue San Francisco Bay Area South San Francisco 30.0% 500 Forbes Boulevard San Francisco Bay Area South San Francisco 10.0% Alexandria Center ® for Life Science – Millbrae San Francisco Bay Area South San Francisco 48.2% 3215 Merryfield Row San Diego Torrey Pines 30.0% Campus Point by Alexandria (5) San Diego University Town Center 55.0% 5200 Illumina Way San Diego University Town Center 51.0% 9625 Towne Centre Drive San Diego University Town Center 30.0% SD Tech by Alexandria (6) San Diego Sorrento Mesa 50.0% Pacific Technology Park San Diego Sorrento Mesa 50.0% Summers Ridge Science Park (7) San Diego Sorrento Mesa 30.0% 1201 and 1208 Eastlake Avenue East Seattle Lake Union 30.0% 199 East Blaine Street Seattle Lake Union 30.0% 400 Dexter Avenue North Seattle Lake Union 30.0% 800 Mercer Street Seattle Lake Union 60.0% Unconsolidated real estate joint ventures (2) : 1655 and 1725 Third Street San Francisco Bay Area Mission Bay 10.0% 1450 Research Boulevard Maryland Rockville 73.2% (8) 101 West Dickman Street Maryland Beltsville 58.4% (8) (1) Refer to the table on the next page that shows the categorization of our joint ventures under the consolidation framework. (2) In addition to the real estate joint ventures listed, various partners hold insignificant noncontrolling interests in three other consolidated real estate joint ventures in North America and we hold an interest in one insignificant unconsolidated real estate joint venture in North America. (3) Includes 409 and 499 Illinois Street, 1500 and 1700 Owens Street, and 455 Mission Bay Boulevard South. (4) During the year ended December 31, 2024 , our equity ownership decreased from 40.6% to 25.1% based on continued funding of construction costs by our joint venture partner and a reallocation of equity to our joint venture partner of $30.2 million from us. The noncontrolling interest share of our joint venture partner is anticipated to increase to 75% and ours to decrease to 25% as our partner contributes additional equity to fund the construction of the project. (5) Includes 10210, 10260, 10290, and 10300 Campus Point Drive and 4110, 4135, 4155, 4161, 4165, 4224, and 4242 Campus Point Court. (6) Includes 9605, 9645, 9675, 9725, 9735, 9805, 9808, 9855, and 9868 Scranton Road and 10055, 10065, and 10075 Barnes Canyon Road. (7) Includes 9965, 9975, 9985, and 9995 Summers Ridge Road. (8) Represents a joint venture with a local real estate operator in which our joint venture partner manages the day-to-day activities that significantly affect the economic performance of the joint venture.
Consolidated VIE's balance sheet information	The table below aggregates the balance sheet information of our consolidated VIEs as of December 31, 2024 and 2023 (in thousands): December 31, 2024 2023 Investments in real estate $ 8,917,718 $ 8,032,315 Cash and cash equivalents 335,223 306,475 Other assets 777,033 728,390 Total assets $ 10,029,974 $ 9,067,180 Secured notes payable $ 149,321 $ 119,042 Other liabilities 626,460 608,665 Mandatorily redeemable noncontrolling interest — 35,250 Total liabilities 775,781 762,957 Redeemable noncontrolling interests 10,360 6,868 Alexandria Real Estate Equities, Inc.’s share of equity 4,754,386 4,162,017 Noncontrolling interests’ share of equity 4,489,447 4,135,338 Total liabilities and equity $ 10,029,974 $ 9,067,180
Investment in unconsolidated real estate joint ventures	Our investments in unconsolidated real estate joint ventures, accounted for under the equity method and classified in investments in unconsolidated real estate joint ventures in our consolidated balance sheet s, consisted of the following as of December 31, 2024 and 2023 (in thousands): December 31, Property 2024 2023 1655 and 1725 Third Street $ 10,574 $ 11,718 1450 Research Boulevard 9,193 6,041 101 West Dickman Street 9,749 9,290 Other 10,357 10,731 $ 39,873 $ 37,780
Summary of unconsolidated real estate joint ventures loans	The following table presents key terms related to our unconsolidated real estate joint ventures’ secured loans as of December 31, 2024 (dollars in thousands): At 100% Our Share Unconsolidated Joint Venture Maturity Date Stated Rate Interest Rate (1) Aggregate Commitment Debt Balance (2) 1655 and 1725 Third Street (3) 3/10/25 4.50% 4.57% $ 600,000 $ 599,930 10.0% 101 West Dickman Street 11/10/26 SOFR + 1.95% (4) 6.36% 26,750 18,884 58.4% 1450 Research Boulevard 12/10/26 SOFR + 1.95% (4) 6.42% 13,000 8,637 73.2% $ 639,750 $ 627,451 (1) Includes interest expense and amortization of loan fees. (2) Represents outstanding principal, net of unamortized deferred financing costs, as of December 31, 2024 . (3) The unconsolidated real estate joint venture is in the process of refinancing approximately $500 million of this debt with a new secured note payable, which is expected to close in the first quarter of 2025. The remaining debt balance of approximately $100 million will be repaid through contributions from the joint venture partners. We expect to contribute our share of approximately $10 million in the first quarter of 2025. As of December 31, 2024 , our investment in this unconsolidated real estate joint venture was $10.6 million . (4) This loan is subject to a fixed SOFR floor of 0.75%.

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2024
Lessor Disclosure [Abstract]
Operating Lease - Schedule of Future Minimum Lease Receivable	Year Amount 2025 $ 1,849,925 2026 1,775,175 2027 1,708,433 2028 1,577,208 2029 1,460,001 Thereafter 9,503,137 Total $ 17,873,879
Net investment in direct financing and sales-type leases	The components of our aggregate net investment in our direct financing lease as of December 31, 2024 and 2023 are summarized in the table below (in thousands): December 31, 2024 2023 Gross investment in direct financing lease $ 251,405 $ 253,324 Less: unearned income on direct financing lease (207,734) (210,388) Less: provision for expected credit losses (2,168) (2,839) Net investment in direct financing lease $ 41,503 $ 40,097
Direct Financing and Sales-Type Leases - Schedule of Future Minimum Payment Receivable	Future lease payments to be received under the terms of our direct financing lease as of December 31, 2024 are outlined in the table below (in thousands): Year Total 2025 $ 1,976 2026 2,036 2027 2,097 2028 2,160 2029 2,224 Thereafter 240,912 Total $ 251,405
Income from rentals	Our income from rentals includes revenue related to agreements for the rental of our real estate, which primarily includes revenues subject to the lease accounting standard and the revenue recognition accounting standard as shown below (in thousands): Year Ended December 31, 2024 2023 2022 Income from rentals: Revenues subject to the lease accounting standard: Operating leases $ 3,005,137 $ 2,802,567 $ 2,534,862 Direct financing leases 2,653 2,608 3,094 Revenues subject to the lease accounting standard 3,007,790 2,805,175 2,537,956 Revenues subject to the revenue recognition accounting standard 41,916 37,281 38,084 Income from rentals $ 3,049,706 $ 2,842,456 $ 2,576,040
Summary of deferred leasing costs	The following table summarizes our deferred leasing costs as of December 31, 2024 and 2023 (in thousands): December 31, 2024 2023 Deferred leasing costs $ 1,061,924 $ 1,035,339 Accumulated amortization (575,965) (525,941) Deferred leasing costs, net $ 485,959 $ 509,398
Lessee Disclosure [Abstract]
Operating Lease - Schedule of Future Minimum Lease Payable	The reconciliation of future lease payments under noncancelable operating leases in which we are the lessee to the operating lease liability reflected in our consolidated balance sheet as of December 31, 2024 is in the table below (in thousands): Year Total 2025 $ 157,887 2026 23,081 2027 22,162 2028 21,830 2029 21,338 Thereafter 703,148 Total future payments under our operating leases in which we are the lessee 949,446 Effect of discounting (442,319) Operating lease liability $ 507,127
Lesee operating costs	For the years ended December 31, 2024 , 2023 , and 2022 , our costs for operating leases in which we are the lessee were as follows (in thousands): Year Ended December 31, 2024 2023 2022 Gross operating lease costs $ 40,740 $ 39,879 $ 36,527 Capitalized lease costs (1,780) (5,544) (3,661) Expenses for operating leases in which we are the lessee $ 38,960 $ 34,335 $ 32,866

Cash, cash equivalents, and r_2

Cash, cash equivalents, and restricted cash (Tables)	12 Months Ended
	Dec. 31, 2024
Cash, Cash Equivalents, And Restricted Cash [Abstract]
Cash, cash equivalents, and restricted cash summary	Cash, cash equivalents, and restricted cash consisted of the following as of December 31, 2024 and 2023 (in thousands): December 31, 2024 2023 Cash and cash equivalents $ 552,146 $ 618,190 Restricted cash: Funds held in escrow for real estate acquisitions 2,954 37,434 Other 4,747 5,147 7,701 42,581 Total $ 559,847 $ 660,771

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2024
Investments [Abstract]
Summary of investments	The following tables summarize our investments as of December 31, 2024 and 2023 (in thousands): December 31, 2024 Cost Unrealized Gains Unrealized Losses Carrying Amount Publicly traded companies $ 188,653 $ 24,262 $ (107,248) $ 105,667 Entities that report NAV 518,074 126,077 (34,285) 609,866 Entities that do not report NAV: Entities with observable price changes 99,932 77,761 (2,956) 174,737 Entities without observable price changes 400,487 — — 400,487 Investments accounted for under the equity method N/A N/A N/A 186,228 Total investments $ 1,207,146 $ 228,100 $ (144,489) $ 1,476,985 December 31, 2023 Cost Unrealized Gains Unrealized Losses Carrying Amount Publicly traded companies $ 203,467 $ 50,377 $ (94,278) $ 159,566 Entities that report NAV 507,059 192,468 (27,995) 671,532 Entities that do not report NAV: Entities with observable price changes 97,892 77,600 (1,224) 174,268 Entities without observable price changes 368,654 — — 368,654 Investments accounted for under the equity method N/A N/A N/A 75,498 Total investments $ 1,177,072 $ 320,445 $ (123,497) $ 1,449,518
Schedule of net investment income	Our investment income (loss) for the years ended December 31, 2024 , 2023 , and 2022 consisted of the following (in thousands): Year Ended December 31, 2024 2023 2022 Realized gains $ 59,124 (1) $ 6,078 $ 80,435 Unrealized losses (112,246) (201,475) (412,193) Investment loss $ (53,122) $ (195,397) $ (331,758) (1) Consists of realized gains of $117.2 million , partially offset by impairment charges of $58.1 million during the year ended December 31, 2024 .

Other assets (Tables)

Other assets (Tables)	12 Months Ended
	Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	The following table summarizes the components of other assets as of December 31, 2024 and 2023 (in thousands): December 31, 2024 2023 Acquired in-place leases $ 305,144 $ 461,613 Deferred compensation plan 47,727 40,365 Deferred financing costs – unsecured senior line of credit 49,056 (1) 30,897 Deposits 21,768 25,863 Furniture, fixtures, equipment, and software 39,558 26,560 Net investment in direct financing lease 41,503 40,097 Notes receivable 120,546 (2) 15,841 Operating lease right-of-use assets 764,472 (3) 516,452 Other assets 96,690 88,453 Prepaid expenses 33,567 30,969 Property, plant, and equipment 141,275 144,784 Total $ 1,661,306 $ 1,421,894 (1) Increase is primarily due to the amendment and restatement of our unsecured senior line of credit to extend the maturity da te from January 22, 2028 to January 22, 2030 , which was completed in September 2024. Refer to Note 10 – “Secured and unsecured senior debt” to our consolidated financial sta tements for additional information. (2) Increase is attributable to the seller financing provided in December 2024 to the buyers of our real estate assets. Refer to "Notes receivable” below for additional information. (3) Includes the operating lease right-of-use asset related to an amendment executed in July 2024 to our existing ground lease agreement at the Alexandria Technology Square ® Megacampus . Refer to “Leases in which we are the lessee” in Note 5 – “Leases” to our consolidated financial statements for additional information.
Schedule of Accounts, Notes, Loans and Financing Receivable	Our notes receivable as of December 31, 2024 consisted of the following (dollars in thousands): Notes Receivable Effective Interest Rate Maturity Date Balance Secured by real estate assets in San Diego 8.6% 7/5/29 $ 103,427 Other 17,356 Less: provision for expected credit losses (237) Notes receivable $ 120,546

Fair value measurements (Tables

Fair value measurements (Tables)	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of assets and liabilities measured at fair value on a recurring basis	The following table sets forth the assets that we measure at fair value on a recurring basis by level in the fair value hierarchy (in thousands). There were no liabilities measured at fair value on a recurring basis as of December 31, 2024 and 2023 . There were no transfers of assets measured at fair value on a recurring basis to or from Level 3 in the fair value hierarchy during the year ended December 31, 2024 . Fair Value Measurement Using Description Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Investments in publicly traded companies: As of December 31, 2024 $ 105,667 $ 105,667 $ — $ — As of December 31, 2023 $ 159,566 $ 159,566 $ — $ —
Schedule of assets and liabilities measured at fair value on a nonrecurring basis	The following table sets forth the assets measured at fair value on a nonrecurring basis by level within the fair value hierarchy as of December 31, 2024 and 2023 (in thousands). Fair Value Measurement Using Description Carrying Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Real estate assets held for sale with carrying values adjusted to fair value less costs to sell: As of December 31, 2024 $ 322,662 (1) $ — $ — $ 322,662 (2) As of December 31, 2023 $ 133,885 (1) $ — $ — $ 133,885 (2) Investments in privately held entities that do not report NAV: As of December 31, 2024 $ 184,236 $ — $ 174,737 (3) $ 9,499 (4) As of December 31, 2023 $ 188,689 $ — $ 174,268 (3) $ 14,421 (4) (1) These amounts are included in the total balances of our net assets classified as held for sale aggregating $371.3 million and $191.4 million as of December 31, 2024 and 2023 , respectively, disclosed in Note 3 – “Investments in real estate” and represent assets held for sale as of December 31, 2024 and 2023 , respectively, for which impairments were recognized. (2) These amounts represent the aggregate carrying amounts of assets held for sale after adjustments to their respective fair values less costs to sell based on executed purchase and sale agreements, letters of intent, or valuations provided by third-party real estate brokers. (3) These amounts represent the total carrying amounts of our equity investments in privately held entities with observable price changes, which are included in the investments balances of $1.5 billion and $1.4 billion in our consolidated balance sheets as of December 31, 2024 and 2023 , respectively, disclosed in Note 7 – “Investments” to our consolidated financial statements. (4) These amounts are included in the investments in privately held entities without observable price changes balances aggregating $400.5 million and $368.7 million as of December 31, 2024 and 2023 , respectively, disclosed in Note 7 – “Investments” to our consolidated financial statements. The aforementioned balances represent the carrying amounts of investments in privately held entities that do not report NAV for which impairments have been recognized in accordance with the measurement alternative guidance described in “ Investments ” in Note 2 – “Summary of significant accounting policies” to our consolidated financial statements. As of December 31, 2024 and 2023 , the book and estimated fair values of our secured notes payable and unsecured senior notes payable and the amounts outstanding under our unsecured senior line of credit and commercial paper program, including the level within the fair value hierarchy for which the estimates were derived, were as follows (in thousands): December 31, 2024 Book Value Fair Value Hierarchy Estimated Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Liabilities: Secured notes payable $ 149,909 $ — $ 149,413 $ — $ 149,413 Unsecured senior notes payable $ 12,094,465 $ — $ 10,472,993 $ — $ 10,472,993 Unsecured senior line of credit $ — $ — $ — $ — $ — Commercial paper program $ — $ — $ — $ — $ — December 31, 2023 Book Value Fair Value Hierarchy Estimated Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Liabilities: Secured notes payable $ 119,662 $ — $ 118,660 $ — $ 118,660 Unsecured senior notes payable $ 11,096,028 $ — $ 9,708,930 $ — $ 9,708,930 Unsecured senior line of credit $ — $ — $ — $ — $ — Commercial paper program $ 99,952 $ — $ 99,915 $ — $ 99,915

Secured and unsecured senior _2

Secured and unsecured senior debt (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of maturities of secured and unsecured debt	The following table summarizes our outstanding indebtedness and respective principal payments remaining as of December 31, 2024 (dollars in thousands): Stated Rate Interest Rate (1) Maturity Date (2) Principal Payments Remaining for the Periods Ending December 31, Unamortized (Deferred Financing Cost), (Discount) Premium Debt 2025 2026 2027 2028 2029 Thereafter Principal Total Secured notes payable Greater Boston (3) SOFR+ 2.70% 7.52% 11/19/26 $ — $ 149,594 $ — $ — $ — $ — $ 149,594 $ (272) $ 149,322 San Francisco Bay Area 6.50% 6.50 7/1/36 34 36 38 41 44 394 587 — 587 Secured debt weighted-average interest rate/subtotal 7.51 34 149,630 38 41 44 394 150,181 (272) 149,909 Unsecured senior line of credit and commercial paper program (4) (4) N/A (4) 1/22/30 (4) — — — — — — — — — Unsecured senior notes payable 3.45% 3.62 4/30/25 600,000 — — — — — 600,000 (296) 599,704 Unsecured senior notes payable 4.30% 4.50 1/15/26 — 300,000 — — — — 300,000 (532) 299,468 Unsecured senior notes payable 3.80% 3.96 4/15/26 — 350,000 — — — — 350,000 (653) 349,347 Unsecured senior notes payable 3.95% 4.13 1/15/27 — — 350,000 — — — 350,000 (1,067) 348,933 Unsecured senior notes payable 3.95% 4.07 1/15/28 — — — 425,000 — — 425,000 (1,312) 423,688 Unsecured senior notes payable 4.50% 4.60 7/30/29 — — — — 300,000 — 300,000 (1,027) 298,973 Unsecured senior notes payable 2.75% 2.87 12/15/29 — — — — 400,000 — 400,000 (2,064) 397,936 Unsecured senior notes payable 4.70% 4.81 7/1/30 — — — — — 450,000 450,000 (2,057) 447,943 Unsecured senior notes payable 4.90% 5.05 12/15/30 — — — — — 700,000 700,000 (4,730) 695,270 Unsecured senior notes payable 3.375% 3.48 8/15/31 — — — — — 750,000 750,000 (4,348) 745,652 Unsecured senior notes payable 2.00% 2.12 5/18/32 — — — — — 900,000 900,000 (6,967) 893,033 Unsecured senior notes payable 1.875% 1.97 2/1/33 — — — — — 1,000,000 1,000,000 (7,109) 992,891 Unsecured senior notes payable 2.95% 3.07 3/15/34 — — — — — 800,000 800,000 (7,236) 792,764 Unsecured senior notes payable 4.75% 4.88 4/15/35 — — — — — 500,000 500,000 (4,958) 495,042 Unsecured senior notes payable 5.25% 5.38 5/15/36 — — — — — 400,000 400,000 (4,109) 395,891 Unsecured senior notes payable 4.85% 4.93 4/15/49 — — — — — 300,000 300,000 (2,872) 297,128 Unsecured senior notes payable 4.00% 3.91 2/1/50 — — — — — 700,000 700,000 9,985 709,985 Unsecured senior notes payable 3.00% 3.08 5/18/51 — — — — — 850,000 850,000 (11,227) 838,773 Unsecured senior notes payable 3.55% 3.63 3/15/52 — — — — — 1,000,000 1,000,000 (13,673) 986,327 Unsecured senior notes payable 5.15% 5.26 4/15/53 — — — — — 500,000 500,000 (7,592) 492,408 Unsecured senior notes payable 5.625% 5.71 5/15/54 — — — — — 600,000 600,000 (6,691) 593,309 Unsecured debt weighted-average interest rate/subtotal 3.81 600,000 650,000 350,000 425,000 700,000 9,450,000 12,175,000 (80,535) 12,094,465 Weighted-average interest rate/total 3.86% $ 600,034 $ 799,630 $ 350,038 $ 425,041 $ 700,044 $ 9,450,394 $ 12,325,181 $ (80,807) $ 12,244,374 (1) Represents the weighted-average interest rate as of the end of the applicable period, including amortization of loan fees, amortization of debt premiums (discounts), and other bank fees. (2) Reflects any extension options that we control. (3) Represents a secured construction loan held by our consolidated real estate joint venture for 99 Coolidge Avenue, of which we own a 75.0% interest. As of December 31, 2024 , this joint venture h as $45.7 million available under existing lender commitments. The interest rate shall be reduced from SOFR+ 2.70% to SOFR+2.10% over time upon the completion of certain leasing, construction, and financial covenant milestones. D uring the three months ended December 31, 2024 , we extended the maturity date for a secured construction loan held by our consolidated real estate joint venture at 99 Coolidge Avenue to November 19, 2025 . We have a one-year option to extend the maturity date to November 19, 2026 , subject to certain conditions. (4) Refer to “ $5.0 billion unsecured senior line of credit” and “ $2.5 billion commercial paper program” on the following page.
Summary of secured and unsecured debt	The following table summarizes our secured and unsecured senior debt and amounts outstanding under our unsecured senior line of credit and commercial paper program as of December 31, 2024 (dollars in thousands): Fixed-Rate Debt Variable-Rate Debt Weighted-Average Interest Remaining Term (in years) Total Percentage Rate (1) Secured notes payable $ 587 $ 149,322 $ 149,909 1.2% 7.51% 1.9 Unsecured senior notes payable 12,094,465 — 12,094,465 98.8 3.81 12.8 Unsecured senior line of credit and commercial paper program — — — (2) — N/A (2) 5.1 (3) Total/weighted average $ 12,095,052 $ 149,322 $ 12,244,374 100.0% 3.86% 12.7 (3) Percentage of total debt 98.8% 1.2% 100% (1) Represents the weighted-average interest rate as of the end of the applicable period, including expense/income related to the amortization of loan fees, amortization of debt premiums (discounts), and other bank fees. (2) As of December 31, 2024 , we had no outstanding balance on our unsecured senior line of credit and no commercial paper notes outstanding. (3) We calculate the weighted-average remaining term of our commercial paper notes by using the maturity date of our unsecured senior line of credit. Using the maturity date of our outstanding commercial paper notes, the consolidated weighted-average maturity of our debt is 12.7 years. The commercial paper notes sold during the year ended December 31, 2024 were issued at a weighted-average yield to maturity o f 5.30% and had a weighted-average maturity term of 18 days .
Schedule of Interest Incurred	The following table summarizes i nterest expense for the years ended December 31, 2024 , 2023 , and 2022 (in thousands): Year Ended December 31, 2024 2023 2022 Interest incurred $ 516,799 $ 438,182 $ 372,848 Capitalized interest (330,961) (363,978) (278,645) Interest expense $ 185,838 $ 74,204 $ 94,203

Accounts payable, accrued exp_2

Accounts payable, accrued expenses, and other liabilities (Tables)	12 Months Ended
	Dec. 31, 2024
Payables and Accruals [Abstract]
Summary of components of accounts payable, accrued expenses, and tenant security deposits	The following table summarizes the components of accounts payable, accrued expenses, and other liabilities as of December 31, 2024 and 2023 (in thousands): December 31, 2024 2023 Accounts payable and accrued expenses $ 534,803 $ 524,439 Accrued construction 500,890 606,333 Acquired below-market leases 180,407 322,040 Conditional asset retirement obligations 53,968 53,083 Deferred rent liabilities 11,461 15,183 Operating lease liability 507,127 (1) 382,883 Unearned rent and tenant security deposits 691,873 548,529 Other liabilities 173,822 158,453 Total $ 2,654,351 $ 2,610,943 (1) Balance as of December 31, 2024 i nclude s a $135.0 million ground lease liability related to an amendment executed in July 2024 to our existing ground lease agreement at the Alexandria Technology Square ® Megacampus . For additional information, refer to “Leases in which we are the lessee” in Note 5 – “Leases” to our consolidated financial statements.

Earnings per share (Tables)

Earnings per share (Tables)	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Reconciliation of the numerators and denominators of the basic and diluted earnings per share computations	The table below reconciles the numerators and denominators of the basic and diluted EPS computations for the years ended December 31, 2024, 2023, and 2022 (in thousands, except per share amounts): Year Ended December 31, 2024 2023 2022 Net income $ 510,733 $ 280,994 $ 670,701 Net income attributable to noncontrolling interests (187,784) (177,355) (149,041) Net income attributable to unvested RSAs with nonforfeitable rights to dividends (13,394) (11,195) (8,392) Numerator for basic and diluted EPS – net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ 309,555 $ 92,444 $ 513,268 Denominator for basic EPS – weighted-average shares of common stock outstanding 172,071 170,909 161,659 Dilutive effect of unvested RSAs with forfeitable rights to dividends — — — Dilutive effect of forward equity sales agreements — — — Denominator for diluted EPS – weighted-average shares of common stock outstanding 172,071 170,909 161,659 Net income per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders: Basic $ 1.80 $ 0.54 $ 3.18 Diluted $ 1.80 $ 0.54 $ 3.18

Income taxes (Tables)

Income taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of income tax treatment of distribution and dividends declared	The income tax treatment of distributions and dividends declared on our common stock for the years ended December 31, 2024, 2023, and 2022 was as follows (unaudited): Year Ended December 31, 2024 2023 2022 Ordinary income 65.7 % 87.8 % 57.4 % Return of capital 1.6 — — Capital gains at 25% 13.9 0.2 8.1 Capital gains at 20% 18.8 12.0 34.5 Total 100.0 % 100.0 % 100.0 % Dividends declared $ 5.19 $ 4.96 $ 4.72
Reconciliation of GAAP net income to taxable income as filed with the IRS	The following reconciles net income (determined in accordance with GAAP) to taxable income as filed with the IRS for the years ended December 31, 2023 and 2022 (in thousands and unaudited): Year Ended December 31, 2023 2022 Net income $ 280,994 $ 670,701 Net income attributable to noncontrolling interests (177,355) (149,041) Book/tax differences: Rental revenue recognition 134,778 (6,824) Depreciation and amortization 331,322 225,319 Share-based compensation 73,320 45,656 Interest expense (126,756) (104,519) Sales of property 7,784 (330,820) Impairments 80,134 26,322 Non-real estate investments loss 209,092 369,021 Other 15,463 10,653 Taxable income before dividend deduction 828,776 756,468 Dividend deduction necessary to eliminate taxable income (1) (828,776) (756,468) Estimated income subject to federal income tax $ — $ — (1) Total common stock dividend distributions paid were approximately $847.5 million and $757.7 million during the years ended December 31, 2023 and 2022 , respectively .

Share-based compensation (Table

Share-based compensation (Tables)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of nonvested share award activity	The following is a summary of the stock awards activity under our equity incentive plan and related information for the years ended December 31, 2024, 2023, and 2022 (dollars in thousands, except per share information): Number of Share Awards Weighted-Average Grant Date Fair Value per Share Outstanding at December 31, 2021 1,823,460 $ 150.89 Granted 1,032,731 $ 141.58 Vested (749,101) $ 146.25 Forfeited (19,569) $ 160.83 Outstanding at December 31, 2022 2,087,521 $ 149.96 Granted 1,522,058 $ 108.22 Vested (798,729) $ 149.41 Forfeited (56,689) $ 104.65 Outstanding at December 31, 2023 2,754,161 $ 127.34 Granted 615,192 $ 102.96 Vested (951,195) $ 136.09 Forfeited (180,253) $ 109.63 Outstanding at December 31, 2024 2,237,905 $ 118.34 Year Ended December 31, 2024 2023 2022 Total grant date fair value of stock awards vested $ 129,449 $ 119,335 $ 109,557 Total gross compensation recognized for stock awards $ 118,439 $ 139,675 $ 104,424 Capitalized stock compensation $ 58,805 $ 56,817 $ 46,684

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following table presents the reportable segment profit or loss measure — net operating income. Year Ended December 31, (in thousands) 2024 2023 2022 Reportable segment revenues: Revenues from external customers $ 2,897,524 $ 2,685,027 $ 2,443,865 Other income 30,028 21,408 10,214 Reportable segment total revenues 2,927,552 2,706,435 2,454,079 Reportable segment total rental operating expenses (831,258) (763,700) (695,226) Reportable segment net operating income (reportable segment profit or loss) $ 2,096,294 $ 1,942,735 $ 1,758,853
Reconciliation of Operating Profit (Loss) from Segments to Consolidated	Presented below are reconciliations of the reportable segment total revenues to the consolidated revenues, the reportable segment total rental operating expenses to consolidated rental operations, the reportable segment NOI to the consolidated net income, and the reportable segment investments in real estate assets to the consolidated investments in real estate assets: Year Ended December 31, (in thousands) 2024 2023 2022 Reconciliation of reportable segment revenues to consolidated total revenues: Reportable segment total revenues $ 2,927,552 $ 2,706,435 $ 2,454,079 All other revenues 188,842 179,264 134,883 Consolidated revenues $ 3,116,394 $ 2,885,699 $ 2,588,962 Reconciliation of reportable segment total rental operating expenses to consolidated rental operations: Reportable segment total rental operating expenses $ (831,258) $ (763,700) $ (695,226) All other rental operating expenses (78,007) (95,480) (87,927) Consolidated rental operations $ (909,265) $ (859,180) $ (783,153) Reconciliation of reportable segment net operating income to consolidated net income: Reportable segment net operating income (reportable segment profit or loss) $ 2,096,294 $ 1,942,735 $ 1,758,853 All other revenues 188,842 179,264 134,883 All other rental operating expenses (78,007) (95,480) (87,927) Other items not allocated to segments: General and administrative (168,359) (199,354) (177,278) Interest expense (185,838) (74,204) (94,203) Depreciation and amortization (1,202,380) (1,093,473) (1,002,146) Impairment of real estate (223,068) (461,114) (64,969) Loss on early extinguishment of debt — — (3,317) Equity in earnings of unconsolidated real estate joint ventures 7,059 980 645 Investment loss (53,122) (195,397) (331,758) Gain on sale of real estate 129,312 277,037 537,918 Consolidated net income $ 510,733 $ 280,994 $ 670,701
Reconciliation of Investment in Real Estate from Segment to Consolidated	As of December 31, (in thousands) 2024 2023 Reconciliation of reportable segment assets to consolidated investments in real estate assets Reportable segment investments in real estate $ 30,393,144 $ 29,810,981 All other investments in real estate 1,716,895 1,822,530 Consolidated investments in real estate $ 32,110,039 $ 31,633,511

Organization and basis of pre_2

Organization and basis of presentation (Details) ft² in Millions, $ in Billions	Dec. 31, 2024 USD ($) ft²
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Market capitalization | $	$ 29
North America
Real Estate Properties [Line Items]
Area of Real Estate Property	39.8
North America | Operating property
Real Estate Properties [Line Items]
Area of Real Estate Property	39.8
North America | Active development/redevelopment
Real Estate Properties [Line Items]
Area of Real Estate Property	4.4

Summary of significant accoun_4

Summary of significant accounting policies (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Accounting policies
Maximum expected period of sale of property (in years)	1 year
Cost method investment ownership percentage	10%
Percentage of total revenues	96.50%	97.20%	98%
Contract with customer, asset, allowance for credit loss	$ 21,300	$ 21,400
Minimum percentage of taxable income to be distributed	90%
Percent of taxable income, generally distributed as dividend	100%
Income from rentals
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Total revenues
Operating leases	$ 3,005,137	2,802,567	$ 2,534,862
Direct financing leases	2,653	2,608	3,094
Total revenues	3,116,394	2,885,699	2,588,962
Revenues subject to the lease accounting standard	3,007,790	2,805,175	2,537,956
Income from rentals
Income from rentals
Total revenues	3,049,706	2,842,456	2,576,040
Revenues subject to the revenue recognition accounting standard	41,900	37,300
Income from rentals | Cumulative Effect, Period of Adoption, Adjustment
Income from rentals
Revenues subject to the revenue recognition accounting standard	41,916	37,281	38,084
Other income
Income from rentals
Total revenues	$ 66,688	$ 43,243	$ 12,922
Canada
Accounting policies
Number of real estate properties | property	11
Maximum | Buildings and building improvements
Accounting policies
Estimated useful life	40 years
Maximum | Land improvements
Accounting policies
Estimated useful life	20 years

Investments in real estate - Sc

Investments in real estate - Schedule of investment in real estates (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Real Estate Properties [Line Items]
Investments in real estate	$ 32,110,039	$ 31,633,511
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations
Real Estate Properties [Line Items]
Investments in real estate	372,647	185,447
North America
Real Estate Properties [Line Items]
Land (related to rental properties)	3,863,027	4,296,048
Buildings and building improvements	20,377,935	20,153,572
Other improvements	4,354,785	3,674,251
Rental properties	28,595,747	28,123,871
Development and redevelopment projects	8,618,727	8,220,672
Gross investments in real estate	37,214,474	36,344,543
Less: accumulated depreciation	(5,477,082)	(4,896,479)
Investments in real estate	$ 32,110,039	$ 31,633,511

Investments in real estate - As

Investments in real estate - Assets held for sale (Details) $ in Thousands	Dec. 31, 2024 USD ($) ft² property	Dec. 31, 2023 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Investments in real estate	$ 32,110,039	$ 31,633,511
Other assets	1,661,306	1,421,894
Total assets	382,135	194,223
Total liabilities	(13,462)	(4,750)
Total accumulated other comprehensive income	2,584	1,960
Net assets classified as held for sale	$ 371,257	191,433
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties | property	10
Investments in real estate	$ 372,647	185,447
Other assets	$ 9,488	$ 8,776
Sorrento Mesa Held For Sale Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties | property	2
Area of Real Estate Property | ft²	102,392
Net assets classified as held for sale	$ 18,200
Operating property | Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of Real Estate Property | ft²	600,870
Future development | Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of Real Estate Property | ft²	2,400,000

Investments in real estate - Ac

Investments in real estate - Acquisitions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) ft² property	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Purchase Price	$ 248,699	$ 265,750	$ 2,877,861
Investments in real estate	$ 32,110,039	31,633,511
285, 299, 307, and 345 Dorchester Avenue
Business Acquisition [Line Items]
Number of real estate properties | property	0
Purchase Price	$ 155,321
428 Westlake Avenue North
Business Acquisition [Line Items]
Number of real estate properties | property	1
Purchase Price	$ 47,600
Other markets
Business Acquisition [Line Items]
Purchase Price	46,490
Acquired-in-Place Leases
Business Acquisition [Line Items]
Finite-Lived Intangible Assets, Acquired Through Acquisitions	4,400
Above Market Leases
Business Acquisition [Line Items]
Finite-Lived Intangible Assets, Acquired Through Acquisitions	$ 492
Future development | 285, 299, 307, and 345 Dorchester Avenue
Business Acquisition [Line Items]
Area of Real Estate Property | ft²	1,040,000
Operating with future development and redevelopment | 428 Westlake Avenue North
Business Acquisition [Line Items]
Area of Real Estate Property | ft²	90,626
Operating property
Business Acquisition [Line Items]
Weighted average remaining amortization period, acquired in-place and below-market leases	2 years 9 months 18 days
Operating property | Acquired-in-Place Leases
Business Acquisition [Line Items]
Weighted average remaining amortization period, acquired in-place and below-market leases	2 years 6 months
Operating property | Above Market Leases
Business Acquisition [Line Items]
Weighted average remaining amortization period, acquired in-place and below-market leases	5 years 1 month 6 days
North America
Business Acquisition [Line Items]
Number of real estate properties | property	391
Area of Real Estate Property | ft²	39,800,000
Purchase Price	$ 249,411
Investments in real estate	$ 32,110,039	$ 31,633,511
North America | Future development
Business Acquisition [Line Items]
Area of Real Estate Property | ft²	1,040,000
North America | Operating with future development and redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property | ft²	90,626

Investments in real estate - _2

Investments in real estate - Acquired leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Acquired below-market leases
Real Estate Properties [Line Items]
Amortization of intangible assets	$ 89,400	$ 96,900	$ 78,000
Weighted average amortization period	7 years
Values of acquired leases
Finite-Lived Intangible Assets, Gross	$ 652,757	696,875
Accumulated amortization	(472,350)	(374,835)
Value of intangible assets, net	180,407	322,040
Estimated annual amortization
2025	38,074
2026	25,502
2027	24,674
2028	12,822
2029	10,333
Thereafter	69,002
Acquired-in-Place Leases
Real Estate Properties [Line Items]
Amortization of intangible assets	$ 108,700	160,600	$ 169,500
Weighted average amortization period	6 years 9 months 18 days
Values of acquired leases
Finite-Lived Intangible Assets, Gross	$ 1,032,744	1,115,259
Accumulated amortization	(727,600)	(653,646)
Value of intangible assets, net	305,144	$ 461,613
Estimated annual amortization
2025	71,513
2026	58,706
2027	46,211
2028	33,983
2029	28,407
Thereafter	$ 66,324

Investments in real estate - Re

Investments in real estate - Real estate asset sales (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2024 USD ($) ft² property	Jun. 30, 2024 USD ($)	Dec. 31, 2024 USD ($) ft² property	Dec. 31, 2023 USD ($) ft²	Dec. 31, 2022 USD ($)
Real Estate Properties [Line Items]
Proceeds from sales of real estate			$ 1,220,206	$ 1,195,743	$ 994,331
Gain on sales of real estate			129,312	277,037	537,918
Impairment of real estate		$ 30,800	223,068	$ 461,114	64,969
Potential Asset Acquisition, Area of Real Estate | ft²				1,400,000
Potential Asset Acquisition, Consideration		$ 366,800
Purchase Price			248,699	$ 265,750	$ 2,877,861
Notes Receivable
Real Estate Properties [Line Items]
Financing Receivable, before Allowance for Credit Loss, Noncurrent	$ 103,427		$ 103,427
1401/1413 Research Boulevard
Real Estate Properties [Line Items]
Real Estate Property, Ownership Interest Sold	100%		100%
Area of Real Estate Property | ft²	84,837		84,837
Proceeds from sales of real estate			$ 22,913
Gain on sales of real estate			$ 3,328
Equity interest percentage (in percent)	65%		65%
Noncontrolling Interests
Real Estate Properties [Line Items]
Number of real estate properties | property	67		67
4755 and 4757 Nexus Center Drive and 4796 Executive Drive
Real Estate Properties [Line Items]
Real Estate Property, Ownership Interest Sold	100%		100%
Area of Real Estate Property | ft²	177,804		177,804
Proceeds from sales of real estate			$ 120,000
Gain on sales of real estate			$ 47,511
14225 Newbrook Drive
Real Estate Properties [Line Items]
Real Estate Property, Ownership Interest Sold	100%		100%
Area of Real Estate Property | ft²	248,186		248,186
Proceeds from sales of real estate			$ 80,500
Gain on sales of real estate			$ 37,074
1165 Eastlake Avenue East
Real Estate Properties [Line Items]
Real Estate Property, Ownership Interest Sold	100%		100%
Area of Real Estate Property | ft²	100,086		100,086
Proceeds from sales of real estate			$ 149,985
Gain on sales of real estate			$ 21,535
9444 Waples Street
Real Estate Properties [Line Items]
Real Estate Property, Ownership Interest Sold	100%		100%
Area of Real Estate Property | ft²	149,000		149,000
Proceeds from sales of real estate			$ 31,000
Gain on sales of real estate			$ 8,175
6040 George Watts Hill Drive
Real Estate Properties [Line Items]
Real Estate Property, Ownership Interest Sold	100%		100%
Area of Real Estate Property | ft²	149,585		149,585
Proceeds from sales of real estate			$ 93,500
Gain on sales of real estate			$ 5,004
100 Minuteman Road
Real Estate Properties [Line Items]
Real Estate Property, Ownership Interest Sold	100%		100%
Area of Real Estate Property | ft²	308,970		308,970
Proceeds from sales of real estate			$ 67,300
Gain on sales of real estate			$ 4,042
849/863 Mitten Road/866 Malcolm Road
Real Estate Properties [Line Items]
Real Estate Property, Ownership Interest Sold	100%		100%
Area of Real Estate Property | ft²	103,857		103,857
Proceeds from sales of real estate			$ 24,000
99 A Street
Real Estate Properties [Line Items]
Real Estate Property, Ownership Interest Sold	100%		100%
Area of Real Estate Property | ft²	235,000		235,000
Proceeds from sales of real estate			$ 13,350
219 East 42nd Street
Real Estate Properties [Line Items]
Real Estate Property, Ownership Interest Sold	100%		100%
Area of Real Estate Property | ft²	349,947		349,947
Proceeds from sales of real estate			$ 60,000
6101 Quadrangle Drive
Real Estate Properties [Line Items]
Real Estate Property, Ownership Interest Sold	100%		100%
Area of Real Estate Property | ft²	31,600		31,600
Proceeds from sales of real estate			$ 11,310
Other markets
Real Estate Properties [Line Items]
Proceeds from sales of real estate			38,617
Gain on sales of real estate			$ 5,971
One Moderna Way
Real Estate Properties [Line Items]
Real Estate Property, Ownership Interest Sold	100%		100%
Area of Real Estate Property | ft²	722,130		722,130
Proceeds from sales of real estate			$ 369,439
Impairment of real estate			$ 40,900
Number of real estate properties | property	4		4
215 First Street, 150 Second Street, and 11 Hurley Street
Real Estate Properties [Line Items]
Real Estate Property, Ownership Interest Sold	100%		100%
Area of Real Estate Property | ft²	552,513		552,513
Proceeds from sales of real estate			$ 245,539
Impairment of real estate			$ 6,300
Number of real estate properties | property	3		3
10048 and 10219 Meanley Drive and 10277 Scripps Ranch Boulevard
Real Estate Properties [Line Items]
Real Estate Property, Ownership Interest Sold	100%		100%
Area of Real Estate Property | ft²	444,041		444,041
Proceeds from sales of real estate			$ 55,000
10048 and 10219 Meanley Drive and 10277 Scripps Ranch Boulevard | Notes Receivable
Real Estate Properties [Line Items]
Financing Receivable, before Allowance for Credit Loss, Noncurrent	$ 25,000		25,000
Costa Verde and Scripps Science Park
Real Estate Properties [Line Items]
Impairment of real estate			$ 65,900
Number of real estate properties | property	5		5
Costa Verde and Scripps Science Park | Operating property
Real Estate Properties [Line Items]
Area of Real Estate Property | ft²	203,223		203,223
Costa Verde and Scripps Science Park | Future development
Real Estate Properties [Line Items]
Area of Real Estate Property | ft²	1,500,000		1,500,000
Alexandria Center for Life Science - New York City
Real Estate Properties [Line Items]
Gross investments in real estate	$ 168,400		$ 168,400
Sorrento Mesa Held For Sale Properties
Real Estate Properties [Line Items]
Area of Real Estate Property | ft²	102,392		102,392
Number of real estate properties | property	2		2
830 4th Avenue South
Real Estate Properties [Line Items]
Area of Real Estate Property | ft²	45,615		45,615
Impairment of real estate			$ 13,700
Potential Asset Disposition, Consideration	$ 8,000
University Town Center Portfolio Sale
Real Estate Properties [Line Items]
Area of Real Estate Property | ft²	100,831		100,831
Impairment of real estate			$ 36,900
Number of real estate properties | property	3		3
Potential Asset Disposition, Consideration			$ 200,000
University Town Center Portfolio Sale | Future development
Real Estate Properties [Line Items]
Area of Real Estate Property | ft²	1,000,000		1,000,000
Alexandria | 9444 Waples Street
Real Estate Properties [Line Items]
Proceeds from sales of real estate			$ 15,500
Gain on sales of real estate			$ 3,200
North America
Real Estate Properties [Line Items]
Area of Real Estate Property | ft²	39,800,000		39,800,000
Proceeds from sales of real estate			$ 1,359,540
Gain on sales of real estate			$ 129,312
Number of real estate properties | property	391		391
Purchase Price			$ 249,411
Gross investments in real estate	$ 37,214,474		$ 37,214,474	$ 36,344,543
North America | Future development
Real Estate Properties [Line Items]
Area of Real Estate Property | ft²	1,040,000		1,040,000
Canada
Real Estate Properties [Line Items]
Number of real estate properties | property	11		11
TEXAS
Real Estate Properties [Line Items]
Impairment of real estate			$ 6,100
Potential Asset Disposition, Consideration	$ 70,000
TEXAS | Future development
Real Estate Properties [Line Items]
Area of Real Estate Property | ft²	1,400,000		1,400,000

Consolidated and unconsolidat_3

Consolidated and unconsolidated real estate joint ventures (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) ft²	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Schedule of Equity Method Investments
Reallocation of additional paid-in-capital to consolidated joint venture partner’s non-controlling interest	$ 30,185	$ 0	$ 0
Purchase Price	248,699	$ 265,750	$ 2,877,861
Debt Balance, Repayment Amount From Unconsolidated Real Estate Joint Venture	100,000
Our Share of Debt Balance, Repayment Amount From Unconsolidated Real Estate Joint Venture	$ 10,000
1655 and 1725 Third Street
Schedule of Equity Method Investments
Equity interest percentage (in percent)	10%
Debt Refinanced, Amount	$ 500,000
1450 Research Boulevard
Schedule of Equity Method Investments
Equity interest percentage (in percent)	73.20%
101 West Dickman Street
Schedule of Equity Method Investments
Equity interest percentage (in percent)	58.40%
50 and 60 Binney Street | Alexandria
Schedule of Equity Method Investments
Noncontrolling interest, ownership percentage by parent	34%
75/125 Binney Street | Alexandria
Schedule of Equity Method Investments
Noncontrolling interest, ownership percentage by parent	40%
100 and 225 Binney Street and 300 Third Street | Alexandria
Schedule of Equity Method Investments
Noncontrolling interest, ownership percentage by parent	30%
99 Coolidge Avenue | Alexandria
Schedule of Equity Method Investments
Noncontrolling interest, ownership percentage by parent	75%
15 Necco Street | Alexandria
Schedule of Equity Method Investments
Noncontrolling interest, ownership percentage by parent	56.70%
285, 299, 307, and 345 Dorchester Avenue
Schedule of Equity Method Investments
Purchase Price	$ 155,321
Total Value of Assets Acquired	$ 103,500
285, 299, 307, and 345 Dorchester Avenue | Future development projects
Schedule of Equity Method Investments
Area of Real Estate Property | ft²	1,000,000
285, 299, 307, and 345 Dorchester Avenue | Alexandria
Schedule of Equity Method Investments
Noncontrolling interest, ownership percentage by parent	60%
Alexandria Center for Science and Technology - Mission Bay | Alexandria
Schedule of Equity Method Investments
Noncontrolling interest, ownership percentage by parent	25%
1450 Owens Street
Schedule of Equity Method Investments
Reallocation of additional paid-in-capital to consolidated joint venture partner’s non-controlling interest	$ 30,200
1450 Owens Street | Alexandria
Schedule of Equity Method Investments
Noncontrolling interest, ownership percentage by parent	25.10%	40.60%
601, 611, 651, 681, 685, and 701 Gateway Boulevard | Alexandria
Schedule of Equity Method Investments
Noncontrolling interest, ownership percentage by parent	50%
751 Gateway Boulevard | Alexandria
Schedule of Equity Method Investments
Noncontrolling interest, ownership percentage by parent	51%
211 and 213 East Grand Avenue | Alexandria
Schedule of Equity Method Investments
Noncontrolling interest, ownership percentage by parent	30%
500 Forbes Boulevard | Alexandria
Schedule of Equity Method Investments
Noncontrolling interest, ownership percentage by parent	10%
Alexandria Center for Life Science – Millbrae | Alexandria
Schedule of Equity Method Investments
Noncontrolling interest, ownership percentage by parent	48.20%
3215 Merryfield Row | Alexandria
Schedule of Equity Method Investments
Noncontrolling interest, ownership percentage by parent	30%
Campus Point by Alexandria | Alexandria
Schedule of Equity Method Investments
Noncontrolling interest, ownership percentage by parent	55%
5200 Illumina Way | Alexandria
Schedule of Equity Method Investments
Noncontrolling interest, ownership percentage by parent	51%
9625 Towne Centre Drive | Alexandria
Schedule of Equity Method Investments
Noncontrolling interest, ownership percentage by parent	30%
SD Tech by Alexandria | Alexandria
Schedule of Equity Method Investments
Noncontrolling interest, ownership percentage by parent	50%
Pacific Technology Park | Alexandria
Schedule of Equity Method Investments
Noncontrolling interest, ownership percentage by parent	50%
Summers Ridge Science Park | Alexandria
Schedule of Equity Method Investments
Noncontrolling interest, ownership percentage by parent	30%
1201 and 1208 Eastlake Avenue East
Schedule of Equity Method Investments
Area of Real Estate Property | ft²	206,134
Area of Real Estate, Tenant Occupied | ft²	115,839
1201 and 1208 Eastlake Avenue East | Alexandria
Schedule of Equity Method Investments
Noncontrolling interest, ownership percentage by parent	30%
199 East Blaine Street | Alexandria
Schedule of Equity Method Investments
Noncontrolling interest, ownership percentage by parent	30%
400 Dexter Avenue North | Alexandria
Schedule of Equity Method Investments
Noncontrolling interest, ownership percentage by parent	30%
800 Mercer Street | Alexandria
Schedule of Equity Method Investments
Noncontrolling interest, ownership percentage by parent	60%
Noncontrolling Interests | 1450 Owens Street | Alexandria
Schedule of Equity Method Investments
Ownership percentage by noncontrolling owners	75%
Parent | 1450 Owens Street | Alexandria
Schedule of Equity Method Investments
Expected Subsidiary, Ownership Percentage, Parent	25%

Consolidated VIE's balance shee

Consolidated VIE's balance sheet information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Investments in real estate	$ 32,110,039	$ 31,633,511
Cash and cash equivalents	552,146	618,190
Other assets	1,661,306	1,421,894
Total assets	37,527,449	36,771,402
Secured notes payable	149,909	119,662
Total liabilities	15,128,988	14,148,409
Redeemable noncontrolling interests	19,972	16,480
Alexandria Real Estate Equities, Inc.'s share of equity	17,889,042	18,471,175
Noncontrolling interests’ share of equity	4,489,447	4,135,338
Total liabilities, noncontrolling interests, and equity	37,527,449	36,771,402
Transfer of noncontrolling interests	(3,637)	(7,766)
Redeemable Noncontrolling Interests
Variable Interest Entity [Line Items]
Redeemable noncontrolling interests	19,972	16,480	$ 9,612	$ 9,612
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Investments in real estate	8,917,718	8,032,315
Cash and cash equivalents	335,223	306,475
Other assets	777,033	728,390
Total assets	10,029,974	9,067,180
Secured notes payable	149,321	119,042
Other liabilities	626,460	608,665
Total liabilities	775,781	762,957
Redeemable noncontrolling interests	10,360	6,868
Alexandria Real Estate Equities, Inc.'s share of equity	4,754,386	4,162,017
Noncontrolling interests’ share of equity	4,489,447	4,135,338
Total liabilities, noncontrolling interests, and equity	10,029,974	9,067,180
Variable Interest Entity, Primary Beneficiary | Redeemable Noncontrolling Interests
Variable Interest Entity [Line Items]
Accrued Liabilities	$ 0	$ 35,250

Unconsolidated real estate join

Unconsolidated real estate joint ventures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	$ 6,700
Investments in unconsolidated real estate joint ventures	39,873	$ 37,780
Gain on sales of real estate	$ 129,312	277,037	$ 537,918
Unconsolidated Real Estate Joint Venture Debt
Weighted Average Interest Rate at End of Period	3.86%
Long-term Debt	$ 12,244,374
1655 and 1725 Third Street
Schedule of Equity Method Investments
Investments in unconsolidated real estate joint ventures	$ 10,574	11,718
Unconsolidated Real Estate Joint Venture Debt
Maturity date	Mar. 10, 2025
Weighted Average Interest Rate at End of Period	4.57%
Debt instrument, borrowing capacity	$ 600,000
Long-term Debt	$ 599,930
Equity interest percentage (in percent)	10%
Stated interest rate (as a percent)	4.50%
101 West Dickman Street
Schedule of Equity Method Investments
Investments in unconsolidated real estate joint ventures	$ 9,749	9,290
Unconsolidated Real Estate Joint Venture Debt
Maturity date	Nov. 10, 2026
Debt Instrument, Basis Spread on Variable Rate	1.95%
Weighted Average Interest Rate at End of Period	6.36%
Debt instrument, borrowing capacity	$ 26,750
Long-term Debt	$ 18,884
Equity interest percentage (in percent)	58.40%
1450 Research Boulevard
Schedule of Equity Method Investments
Investments in unconsolidated real estate joint ventures	$ 9,193	6,041
Unconsolidated Real Estate Joint Venture Debt
Maturity date	Dec. 10, 2026
Debt Instrument, Basis Spread on Variable Rate	1.95%
Weighted Average Interest Rate at End of Period	6.42%
Debt instrument, borrowing capacity	$ 13,000
Long-term Debt	$ 8,637
Equity interest percentage (in percent)	73.20%
Other unconsolidated real estate joint ventures
Schedule of Equity Method Investments
Investments in unconsolidated real estate joint ventures	$ 10,357	$ 10,731
1401/1413 Research Boulevard
Schedule of Equity Method Investments
Equity Method Investment, Long-Term Debt Outstanding Amount	18,600
Gain on sales of real estate	$ 3,328
Unconsolidated Real Estate Joint Venture Debt
Equity interest percentage (in percent)	65%
Equity Method Investee
Unconsolidated Real Estate Joint Venture Debt
Debt instrument, borrowing capacity	$ 639,750
Long-term Debt	$ 627,451

Leases Lessor (Details)

Leases Lessor (Details)		12 Months Ended
	Oct. 01, 2017	Dec. 31, 2024 USD ($) ft² directFinancingLease property landParcel	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Operating Lease
Operating Properties Subject to Lease Agreement that Contains a Purchase Option		4
Land parcel subject to lease agreement that contains a purchase option | landParcel		2
Rent Commence Date	Oct. 01, 2017
Operating Leases, Future Minimum Payments Receivable [Abstract]
2025		$ 1,849,925,000
2026		1,775,175,000
2027		1,708,433,000
2028		1,577,208,000
2029		1,460,001,000
Thereafter		9,503,137,000
Total		$ 17,873,879,000
Direct Financing and Sales-Type Lease
Number of direct financing leases | directFinancingLease		1
Net investment in direct financing lease		$ 41,500,000
Direct financing lease, remaining lease term		67 years 10 months 24 days
Lessee option to purchase underlying asset, option exercise period		30 days
Direct financing lease, allowance for credit loss		$ 2,200,000
Direct Financing Lease, Net Investment in Leases
Gross investment in direct financing lease		251,405,000	$ 253,324,000
Less: unearned income on direct financing lease		(207,734,000)	(210,388,000)
Less: provision for expected credit losses		(2,168,000)	(2,839,000)
Net investment in direct financing lease		41,503,000	40,097,000
Direct Financing Leases, Future Minimum Payments Receivable
2025		1,976,000
2026		2,036,000
2027		2,097,000
2028		2,160,000
2029		2,224,000
Thereafter		240,912,000
Income from rentals
Operating leases		3,005,137,000	2,802,567,000	$ 2,534,862,000
Direct financing leases		2,653,000	2,608,000	3,094,000
Revenues subject to the lease accounting standard		3,007,790,000	2,805,175,000	2,537,956,000
Total revenues		3,116,394,000	2,885,699,000	2,588,962,000
Deferred Costs, Leasing, Net
Deferred leasing costs		1,061,924,000	1,035,339,000
Accumulated amortization		(575,965,000)	(525,941,000)
Deferred leasing costs		485,959,000	509,398,000
Direct Financing Lease, Net Investment in Lease, Credit Loss Expense (Reversal)		$ (671,000)
Purchase Option Term One
Operating Lease
Lessor, Operating Lease, Lessee Option to Purchase Underlying Asset, Period After Rent Commencement		15 years
Direct Financing and Sales-Type Lease
Lessee option to purchase underlying asset, period after rent commencement		15 years
Purchase Option Term Two
Operating Lease
Lessor, Operating Lease, Lessee Option to Purchase Underlying Asset, Period After Rent Commencement		30 years
Direct Financing and Sales-Type Lease
Lessee option to purchase underlying asset, period after rent commencement		30 years
Purchase Option Term Three
Operating Lease
Lessor, Operating Lease, Lessee Option to Purchase Underlying Asset, Period After Rent Commencement		74 years 6 months
Direct Financing and Sales-Type Lease
Lessee option to purchase underlying asset, period after rent commencement		74 years 6 months
North America
Lessor, Lease, Description [Line Items]
Number of real estate properties | property		391
Area of Real Estate Property | ft²		39,800,000
Land parcels subject to lease agreement that contains a purchase option
Operating Lease
Remaining Lease Term		67 years 10 months 24 days
1201 and 1208 Eastlake Avenue East
Lessor, Lease, Description [Line Items]
Area of Real Estate Property | ft²		206,134
Operating Lease
Operating Properties Subject to Lease Agreement that Contains a Purchase Option		2
Area of Real Estate, Tenant Occupied | ft²		115,839
1208 Eastlake Avenue East
Operating Lease
Remaining Lease Term		6 years 2 months 12 days
Lessor, Operating Lease, Lessee Option to Purchase Underlying Asset, Percentage		30%
Lessor, Operating Lease, Lessee Option to Purchase Underlying Asset, Purchase Price		$ 40,000,000
1201 Eastlake Avenue East
Operating Lease
Remaining Lease Term		19 years 8 months 12 days
Lessor, Operating Lease, Lessee Option to Purchase Underlying Asset, Percentage		30%
Lessor, Operating Lease, Lessee Option to Purchase Underlying Asset, Purchase Price		$ 69,100,000
Income from rentals
Income from rentals
Total revenues		3,049,706,000	2,842,456,000	2,576,040,000
Income from rentals | Cumulative Effect, Period of Adoption, Adjustment
Income from rentals
Revenues subject to the revenue recognition accounting standard		$ 41,916,000	$ 37,281,000	$ 38,084,000

Leases Lessee (Details)

Leases Lessee (Details) $ in Thousands, ft² in Millions	3 Months Ended		6 Months Ended	12 Months Ended
	Dec. 31, 2024 USD ($) ft² property	Mar. 31, 2024 USD ($) property	Jun. 30, 2024	Dec. 31, 2024 USD ($) ft² property	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets			Other assets	Other assets
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Accounts payable, accrued expenses, and other liabilities			Accounts payable, accrued expenses, and other liabilities	Accounts payable, accrued expenses, and other liabilities
Operating lease liability	$ 507,127			$ 507,127	$ 382,883
Operating lease right-of-use assets	$ 764,472			$ 764,472	516,452
Operating lease discount rate	4.90%			4.90%
Operating lease costs - cash rents				$ 167,800	32,200	$ 55,200
Number of Properties Subject to Ground Leases | property	32			32
Percentage of Properties Subject to Ground Leases	8%			8%
Remaining lease term for operating lease obligations				12 years
Operating Lease Liabilities, Payment Due
2025	$ 157,887			$ 157,887
2026	23,081			23,081
2027	22,162			22,162
2028	21,830			21,830
2029	21,338			21,338
Thereafter	703,148			703,148
Total future payments under our operating leases in which we are the lessee	949,446			949,446
Effect of discounting	(442,319)			(442,319)
Operating lease liability	507,127			507,127	382,883
Lessee operating costs
Gross operating lease costs				40,740	39,879	36,527
Capitalized lease costs				(1,780)	(5,544)	(3,661)
Expenses for operating leases in which we are lessee				38,960	$ 34,335	$ 32,866
Alexandria Technology Square
Lessee, Lease, Description [Line Items]
Operating lease liability	$ 134,300			$ 134,300
Area of Real Estate Property | ft²	1.2			1.2
Ground Lease Contractual Term Extension, Years				24 years
Lease Expiration Date	Dec. 31, 2088		Jan. 01, 2065
Prepaid Rent	$ 270,000			$ 270,000
Operating lease costs - cash rents	135,000
Operating Lease Liabilities, Payment Due
Operating lease liability	$ 134,300			$ 134,300
San Francisco Bay Area
Lessee, Lease, Description [Line Items]
Operating lease costs - cash rents		$ 26,300
Number of properties associated with lease extensions executed | property		2
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term for ground lease obligation				30 years
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term for ground lease obligation				82 years
Ground and Operating Leases
Lessee, Lease, Description [Line Items]
Weighted average remaining lease term	56 years			56 years
Operating Property With Ground Lease
Lessee, Lease, Description [Line Items]
Number of Properties Subject to Ground Leases | property	1			1
Net book value for the exclusion of one ground lease related to one operating property	$ 5,600			$ 5,600

Cash, cash equivalents, and r_3

Cash, cash equivalents, and restricted cash (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 552,146	$ 618,190
Restricted cash	7,701	42,581
Cash, cash equivalents, and restricted cash	559,847	660,771	$ 857,975	$ 415,227
Funds held in escrow related to construction projects and investing activities
Cash and Cash Equivalents [Line Items]
Restricted cash	2,954	37,434
Other restricted cash
Cash and Cash Equivalents [Line Items]
Restricted cash	$ 4,747	$ 5,147

Investments - Summary of Invest

Investments - Summary of Investments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) investment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Schedule of Investments [Line Items]
Cost method investment ownership percentage	10%
Number Of Equity Method Investments | investment	11
Investments accounted for under the equity method	$ 186,228	$ 75,498
Fair Value, Investments, Privately Held Entities that Calculate Net Asset Value Per Share, Unfunded Commitments	$ 372,900
Limited Partnership Maximum Expiration Terms	12 years
Weighted-average remaining liquidation term (in years)	5 years 3 months 18 days
Limited Partnership Liquidation, Expected Initial Term (In Years)	10 years
Equity Securities, FV-NI, Realized Gain	$ 117,200
Investments in privately held entities that do not report NAV, impairment loss	(58,100)
Unrealized losses	(112,246)	(201,475)	$ (412,193)
Investment loss	(53,122)	(195,397)	(331,758)
Equity in earnings of unconsolidated real estate joint ventures	7,059	980	645
Summary of Investment [Abstract]
Investment at fair value, cost	1,207,146	1,177,072
Cumulative unrealized gains on investments	228,100	320,445
Cumulative unrealized losses on investments	(144,489)	(123,497)
Total investments held at adjusted carrying value or fair value	1,476,985	1,449,518
Equity Method Investments
Schedule of Investments [Line Items]
Equity in earnings of unconsolidated real estate joint ventures	(2,600)
Investments in publicly traded companies
Summary of Investment [Abstract]
Investment at fair value, book value	$ 105,667	159,566
Investments in privately held entities that report NAV
Schedule of Investments [Line Items]
Weighted-average remaining liquidation term (in years)	8 years 2 months 12 days
Summary of Investment [Abstract]
Investment at fair value, book value	$ 609,866	671,532
Investments in privately held entities that do not report NAV | Entities with observable price change
Schedule of Investments [Line Items]
Equity Securities without Readily Determinable Fair Value, Net Upward (Downward) Price Adjustment, Annual Amount			(18,300)
Investments in privately held entities that do not report NAV, annual upward price adjustment			26,300
Investments in privately held entities that do not report NAV, annual downward price adjustment			(44,600)
Summary of Investment [Abstract]
Cumulative unrealized gains on investments	77,761
Investment in privately held entities that do not report fair value, book value	174,737	174,268
Investments in privately held entities that do not report NAV | Entities without observable price changes
Summary of Investment [Abstract]
Investment in privately held entities that do not report fair value, book value	400,487	368,654
Total investments held
Schedule of Investments [Line Items]
Unrealized losses	(32,700)	(58,800)	$ (276,500)
Investments in privately held entities that do not report NAV | Entities with observable price change
Schedule of Investments [Line Items]
Investment in privately held entities that do not report NAV, cumulative price adjustment	(90,400)
Investment in privately held entities that do not report NAV, upward price adjustment	77,800
Investment in privately held entities that do not report NAV, downward price adjustment	(3,000)
Investments in privately held entities that do not report NAV, cumulative impairment loss	(165,200)
Equity Securities without Readily Determinable Fair Value, Net Upward (Downward) Price Adjustment, Annual Amount	(37,700)	(77,700)
Investments in privately held entities that do not report NAV, annual upward price adjustment	22,800	16,800
Investments in privately held entities that do not report NAV, annual downward price adjustment	(60,500)	(94,600)
Summary of Investment [Abstract]
Investment at fair value, cost	99,932	97,892
Cumulative unrealized gains on investments		77,600
Cumulative unrealized losses on investments	(2,956)	(1,224)
Investments in privately held entities that do not report NAV | Entities without observable price changes
Summary of Investment [Abstract]
Investment at fair value, cost	400,487	368,654
Cumulative unrealized gains on investments	0	0
Cumulative unrealized losses on investments	0	0
Investment in privately held entities that do not report fair value, book value	400,500	368,700
Investments in publicly traded companies
Summary of Investment [Abstract]
Investment at fair value, cost	188,653	203,467
Cumulative unrealized gains on investments	24,262	50,377
Cumulative unrealized losses on investments	(107,248)	(94,278)
Limited partnerships
Summary of Investment [Abstract]
Investment at fair value, cost	518,074	507,059
Cumulative unrealized gains on investments	126,077	192,468
Cumulative unrealized losses on investments	$ (34,285)	$ (27,995)

Investments - Investment Income

Investments - Investment Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net Investment Income
Realized gains	$ 59,124	$ 6,078	$ 80,435
Unrealized losses	(112,246)	(201,475)	(412,193)
Investment loss	(53,122)	(195,397)	(331,758)
Total investments held
Net Investment Income
Unrealized losses	$ (32,700)	$ (58,800)	$ (276,500)

Other assets (Details)

Other assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Acquired in-place leases	$ 305,144	$ 461,613
Deferred compensation plan	47,727	40,365
Deferred financing costs – unsecured senior line of credit	49,056	30,897
Deposits	21,768	25,863
Furniture, fixtures, equipment, and software	39,558	26,560
Net investment in direct financing lease	41,503	40,097
Notes receivable	120,546	15,841
Operating lease right-of-use assets	764,472	516,452
Other assets	96,690	88,453
Prepaid expenses	33,567	30,969
Property, plant, and equipment	141,275	144,784
Other assets	1,661,306	$ 1,421,894
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Allowance for Credit Loss	(237)
Notes Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss, Noncurrent	$ 103,427
Receivable with Imputed Interest, Effective Yield (Interest Rate)	8.60%
Receivable with Imputed Interest, Due Date	Jul. 05, 2029
Other notes receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss, Noncurrent	$ 17,356
Unsecured senior line of credit | Commercial paper program
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Maturity date	Jan. 22, 2030
Debt Instrument [Line Items]
Maturity date	Jan. 22, 2030

Fair value measurements - Asset

Fair value measurements - Assets and Liabilities on Recurring Basis (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers In Fair Value Hierarchy	$ 0
Net assets classified as held for sale	371,257,000	$ 191,433,000
Investments	1,476,985,000	1,449,518,000
Secured notes payable	149,909,000	119,662,000
Unsecured senior notes payable	12,094,465,000	11,096,028,000
Unsecured senior line of credit and commercial paper	0	99,952,000
Book Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured notes payable	149,909,000	119,662,000
Unsecured senior notes payable	12,094,465,000	11,096,028,000
Book Value | Commercial paper program
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial paper program	0	99,952,000
Book Value | Unsecured senior line of credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unsecured senior line of credit and commercial paper	0	0
Fair Value | Fair value measured on nonrecurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real Estate, Held-for-Sale	322,662,000	133,885,000
Secured notes payable, fair value	149,413,000	118,660,000
Unsecured senior notes payable, fair value	10,472,993,000	9,708,930,000
Fair Value | Fair value measured on nonrecurring basis | Commercial paper program
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial paper program, fair value	0	99,915,000
Fair Value | Fair value measured on nonrecurring basis | Unsecured senior line of credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unsecured senior line of credit, fair value	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value | Fair value measured on nonrecurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-Lived Asset, Held-for-Sale, Fair Value Disclosure	0	0
Secured notes payable, fair value	0	0
Unsecured senior notes payable, fair value	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value | Fair value measured on nonrecurring basis | Commercial paper program
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial paper program, fair value	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value | Fair value measured on nonrecurring basis | Unsecured senior line of credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unsecured senior line of credit, fair value	0	0
Significant Other Observable Inputs (Level 2) | Fair Value | Fair value measured on nonrecurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-Lived Asset, Held-for-Sale, Fair Value Disclosure	0	0
Secured notes payable, fair value	149,413,000	118,660,000
Unsecured senior notes payable, fair value	10,472,993,000	9,708,930,000
Significant Other Observable Inputs (Level 2) | Fair Value | Fair value measured on nonrecurring basis | Commercial paper program
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial paper program, fair value	0	99,915,000
Significant Other Observable Inputs (Level 2) | Fair Value | Fair value measured on nonrecurring basis | Unsecured senior line of credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unsecured senior line of credit, fair value	0	0
Significant Unobservable Inputs (Level 3) | Fair Value | Fair value measured on nonrecurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-Lived Asset, Held-for-Sale, Fair Value Disclosure	322,662,000	133,885,000
Secured notes payable, fair value	0	0
Unsecured senior notes payable, fair value	0	0
Significant Unobservable Inputs (Level 3) | Fair Value | Fair value measured on nonrecurring basis | Commercial paper program
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial paper program, fair value	0	0
Significant Unobservable Inputs (Level 3) | Fair Value | Fair value measured on nonrecurring basis | Unsecured senior line of credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unsecured senior line of credit, fair value	0	0
Investments in publicly traded companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in publicly traded companies	105,667,000	159,566,000
Investments in publicly traded companies | Fair value measured on recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in publicly traded companies	105,667,000	159,566,000
Investments in publicly traded companies | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value | Fair value measured on recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in publicly traded companies	105,667,000	159,566,000
Investments in publicly traded companies | Significant Other Observable Inputs (Level 2) | Fair Value | Fair value measured on recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in publicly traded companies	0	0
Investments in publicly traded companies | Significant Unobservable Inputs (Level 3) | Fair Value | Fair value measured on recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in publicly traded companies	0	0
Investments in privately held entities that report NAV
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in publicly traded companies	609,866,000	671,532,000
Investments in privately held entities that do not report NAV | Entities without observable price changes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in privately held entities that do not report fair value, book value	400,487,000	368,654,000
Investments in privately held entities that do not report NAV | Entities without observable price changes | Fair Value | Fair value measured on nonrecurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in privately held entities that do not report fair value, book value	184,236,000	188,689,000
Investments in privately held entities that do not report NAV | Quoted Prices in Active Markets for Identical Assets (Level 1) | Entities without observable price changes | Fair Value | Fair value measured on nonrecurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in privately held entities that do not report fair value, book value	0	0
Investments in privately held entities that do not report NAV | Significant Other Observable Inputs (Level 2) | Entities without observable price changes | Fair Value | Fair value measured on nonrecurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in privately held entities that do not report fair value, book value	174,737,000	174,268,000
Investments in privately held entities that do not report NAV | Significant Unobservable Inputs (Level 3) | Entities without observable price changes | Fair Value | Fair value measured on nonrecurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in privately held entities that do not report fair value, book value	9,499,000	14,421,000
Investments in privately held entities that do not report NAV | Entities without observable price changes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in privately held entities that do not report fair value, book value	$ 400,500,000	$ 368,700,000

Detail of secured and unsecured

Detail of secured and unsecured senior debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Feb. 29, 2024	Jul. 31, 2023
Debt Instrument [Line Items]
Effective rate (as a percent)	3.86%
Future principal payments due on secured and unsecured debt
2025	$ 600,034
2026	799,630
2027	350,038
2028	425,041
2029	700,044
Thereafter	9,450,394
Outstanding Balance	12,325,181
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(80,807)
Total Consolidated	$ 12,244,374
Alexandria | 99 Coolidge Avenue
Debt Instrument [Line Items]
Noncontrolling interest, ownership percentage by parent	75%
Secured notes payable
Debt Instrument [Line Items]
Effective rate (as a percent)	7.51%
Future principal payments due on secured and unsecured debt
2025	$ 34
2026	149,630
2027	38
2028	41
2029	44
Thereafter	394
Outstanding Balance	150,181
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(272)
Total Consolidated	$ 149,909
Secured notes payable maturing on 11/19/26
Debt Instrument [Line Items]
Applicable margin (as a percent)	2.70%
Effective rate (as a percent)	7.52%
Maturity date	Nov. 19, 2026
Future principal payments due on secured and unsecured debt
2025	$ 0
2026	149,594
2027	0
2028	0
2029	0
Thereafter	0
Outstanding Balance	149,594
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(272)
Total Consolidated	149,322
Secured notes payable maturing on 11/19/26 | 99 Coolidge Avenue
Debt Instrument [Line Items]
Debt instrument, borrowing capacity	$ 45,700
Secured notes payable maturing on 7/1/36
Debt Instrument [Line Items]
Stated interest rate (as a percent)	6.50%
Effective rate (as a percent)	6.50%
Maturity date	Jul. 01, 2036
Future principal payments due on secured and unsecured debt
2025	$ 34
2026	36
2027	38
2028	41
2029	44
Thereafter	394
Outstanding Balance	587
Unamortized Discount (Premium) and Debt Issuance Costs, Net	0
Total Consolidated	$ 587
Unsecured Debt
Debt Instrument [Line Items]
Effective rate (as a percent)	3.81%
Future principal payments due on secured and unsecured debt
2025	$ 600,000
2026	650,000
2027	350,000
2028	425,000
2029	700,000
Thereafter	9,450,000
Outstanding Balance	12,175,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(80,535)
Total Consolidated	$ 12,094,465
Unsecured senior line of credit
Debt Instrument [Line Items]
Applicable margin (as a percent)	0.855%	0.875%
Future principal payments due on secured and unsecured debt
Total Consolidated	$ 0
3.45% unsecured senior notes payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)	3.45%
Effective rate (as a percent)	3.62%
Maturity date	Apr. 30, 2025
Future principal payments due on secured and unsecured debt
2025	$ 600,000
2026	0
2027	0
2028	0
2029	0
Thereafter	0
Outstanding Balance	600,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(296)
Total Consolidated	$ 599,704
4.30% unsecured senior notes payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.30%
Effective rate (as a percent)	4.50%
Maturity date	Jan. 15, 2026
Future principal payments due on secured and unsecured debt
2025	$ 0
2026	300,000
2027	0
2028	0
2029	0
Thereafter	0
Outstanding Balance	300,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(532)
Total Consolidated	$ 299,468
3.80% Unsecured Senior Notes Payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)	3.80%
Effective rate (as a percent)	3.96%
Maturity date	Apr. 15, 2026
Future principal payments due on secured and unsecured debt
2025	$ 0
2026	350,000
2027	0
2028	0
2029	0
Thereafter	0
Outstanding Balance	350,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(653)
Total Consolidated	$ 349,347
3.95% unsecured senior notes payable due in 2027
Debt Instrument [Line Items]
Stated interest rate (as a percent)	3.95%
Effective rate (as a percent)	4.13%
Maturity date	Jan. 15, 2027
Future principal payments due on secured and unsecured debt
2025	$ 0
2026	0
2027	350,000
2028	0
2029	0
Thereafter	0
Outstanding Balance	350,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(1,067)
Total Consolidated	$ 348,933
3.95% unsecured senior notes payable due in 2028
Debt Instrument [Line Items]
Stated interest rate (as a percent)	3.95%
Effective rate (as a percent)	4.07%
Maturity date	Jan. 15, 2028
Future principal payments due on secured and unsecured debt
2025	$ 0
2026	0
2027	0
2028	425,000
2029	0
Thereafter	0
Outstanding Balance	425,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(1,312)
Total Consolidated	$ 423,688
4.50% unsecured senior notes payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.50%
Effective rate (as a percent)	4.60%
Maturity date	Jul. 30, 2029
Future principal payments due on secured and unsecured debt
2025	$ 0
2026	0
2027	0
2028	0
2029	300,000
Thereafter	0
Outstanding Balance	300,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(1,027)
Total Consolidated	$ 298,973
2.75% Unsecured Senior Notes Payable Due 2029
Debt Instrument [Line Items]
Stated interest rate (as a percent)	2.75%
Effective rate (as a percent)	2.87%
Maturity date	Dec. 15, 2029
Future principal payments due on secured and unsecured debt
2025	$ 0
2026	0
2027	0
2028	0
2029	400,000
Thereafter	0
Outstanding Balance	400,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(2,064)
Total Consolidated	$ 397,936
4.70% unsecured senior note payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.70%
Effective rate (as a percent)	4.81%
Maturity date	Jul. 01, 2030
Future principal payments due on secured and unsecured debt
2025	$ 0
2026	0
2027	0
2028	0
2029	0
Thereafter	450,000
Outstanding Balance	450,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(2,057)
Total Consolidated	$ 447,943
4.90% Unsecured Senior Notes Payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.90%
Effective rate (as a percent)	5.05%
Maturity date	Dec. 15, 2030
Future principal payments due on secured and unsecured debt
2025	$ 0
2026	0
2027	0
2028	0
2029	0
Thereafter	700,000
Outstanding Balance	700,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(4,730)
Total Consolidated	$ 695,270
3.375% Unsecured Senior Notes Payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)	3.375%
Effective rate (as a percent)	3.48%
Maturity date	Aug. 15, 2031
Future principal payments due on secured and unsecured debt
2025	$ 0
2026	0
2027	0
2028	0
2029	0
Thereafter	750,000
Outstanding Balance	750,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(4,348)
Total Consolidated	$ 745,652
2.00% Unsecured Senior Notes Payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)	2%
Effective rate (as a percent)	2.12%
Maturity date	May 18, 2032
Future principal payments due on secured and unsecured debt
2025	$ 0
2026	0
2027	0
2028	0
2029	0
Thereafter	900,000
Outstanding Balance	900,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(6,967)
Total Consolidated	$ 893,033
1.875% Unsecured Senior Notes Payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)	1.875%
Effective rate (as a percent)	1.97%
Maturity date	Feb. 01, 2033
Future principal payments due on secured and unsecured debt
2025	$ 0
2026	0
2027	0
2028	0
2029	0
Thereafter	1,000,000
Outstanding Balance	1,000,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(7,109)
Total Consolidated	$ 992,891
2.95% Unsecured Senior Notes Payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)	2.95%
Effective rate (as a percent)	3.07%
Maturity date	Mar. 15, 2034
Future principal payments due on secured and unsecured debt
2025	$ 0
2026	0
2027	0
2028	0
2029	0
Thereafter	800,000
Outstanding Balance	800,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(7,236)
Total Consolidated	$ 792,764
4.75% Unsecured Senior Notes Payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.75%
Effective rate (as a percent)	4.88%
Maturity date	Apr. 15, 2035
Future principal payments due on secured and unsecured debt
2025	$ 0
2026	0
2027	0
2028	0
2029	0
Thereafter	500,000
Outstanding Balance	500,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(4,958)
Total Consolidated	$ 495,042
5.25% Unsecured Senior Notes Payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)	5.25%		5.25%
Effective rate (as a percent)	5.38%
Maturity date	May 15, 2036
Future principal payments due on secured and unsecured debt
2025	$ 0
2026	0
2027	0
2028	0
2029	0
Thereafter	400,000
Outstanding Balance	400,000		$ 400,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(4,109)
Total Consolidated	$ 395,891
4.85% Unsecured Senior Note Payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.85%
Effective rate (as a percent)	4.93%
Maturity date	Apr. 15, 2049
Future principal payments due on secured and unsecured debt
2025	$ 0
2026	0
2027	0
2028	0
2029	0
Thereafter	300,000
Outstanding Balance	300,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(2,872)
Total Consolidated	$ 297,128
4.00% Unsecured Senior Notes Payables Due 2050
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4%
Effective rate (as a percent)	3.91%
Maturity date	Feb. 01, 2050
Future principal payments due on secured and unsecured debt
2025	$ 0
2026	0
2027	0
2028	0
2029	0
Thereafter	700,000
Outstanding Balance	700,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	9,985
Total Consolidated	$ 709,985
3.00% Unsecured Senior Notes Payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)	3%
Effective rate (as a percent)	3.08%
Maturity date	May 18, 2051
Future principal payments due on secured and unsecured debt
2025	$ 0
2026	0
2027	0
2028	0
2029	0
Thereafter	850,000
Outstanding Balance	850,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(11,227)
Total Consolidated	$ 838,773
3.55% Unsecured Senior Notes Payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)	3.55%
Effective rate (as a percent)	3.63%
Maturity date	Mar. 15, 2052
Future principal payments due on secured and unsecured debt
2025	$ 0
2026	0
2027	0
2028	0
2029	0
Thereafter	1,000,000
Outstanding Balance	1,000,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(13,673)
Total Consolidated	$ 986,327
5.15% Unsecured Senior Notes Payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)	5.15%
Effective rate (as a percent)	5.26%
Maturity date	Apr. 15, 2053
Future principal payments due on secured and unsecured debt
2025	$ 0
2026	0
2027	0
2028	0
2029	0
Thereafter	500,000
Outstanding Balance	500,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(7,592)
Total Consolidated	$ 492,408
5.625% Unsecured Senior Notes Payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)	5.625%		5.625%
Effective rate (as a percent)	5.71%
Maturity date	May 15, 2054
Future principal payments due on secured and unsecured debt
2025	$ 0
2026	0
2027	0
2028	0
2029	0
Thereafter	600,000
Outstanding Balance	600,000		$ 600,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net	(6,691)
Total Consolidated	593,309
Commercial paper program
Debt Instrument [Line Items]
Commercial paper, maximum issuance				$ 2,500,000
Future principal payments due on secured and unsecured debt
Outstanding Balance	$ 0
Commercial paper program | Unsecured senior line of credit
Debt Instrument [Line Items]
Maturity date	Jan. 22, 2030
Future principal payments due on secured and unsecured debt
2025	$ 0
2026	0
2027	0
2028	0
2029	0
Thereafter	0
Outstanding Balance	0
Unamortized Discount (Premium) and Debt Issuance Costs, Net	0
Total Consolidated	$ 0

Summary of secured and unsecure

Summary of secured and unsecured senior debts (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
Fixed rate debt	$ 12,095,052
Variable-rate debt	149,322
Total Consolidated	$ 12,244,374
Percentage of Total	100%
Weighted Average Interest Rate at End of Period	3.86%
Weighted Average Remaining Terms (in years)	12 years 8 months 12 days
Percentage of fixed rate to total debt	98.80%
Percentage of variable-rate to total debt	1.20%
Outstanding Balance	$ 12,325,181
Secured notes payable
Debt Instrument [Line Items]
Fixed rate debt	587
Variable-rate debt	149,322
Total Consolidated	$ 149,909
Percentage of Total	1.20%
Weighted Average Interest Rate at End of Period	7.51%
Weighted Average Remaining Terms (in years)	1 year 10 months 24 days
Outstanding Balance	$ 150,181
Unsecured senior notes
Debt Instrument [Line Items]
Fixed rate debt	12,094,465
Variable-rate debt	0
Total Consolidated	$ 12,094,465
Percentage of Total	98.80%
Weighted Average Interest Rate at End of Period	3.81%
Weighted Average Remaining Terms (in years)	12 years 9 months 18 days
Unsecured senior line of credit
Debt Instrument [Line Items]
Total Consolidated	$ 0
Commercial paper program
Debt Instrument [Line Items]
Weighted Average Remaining Terms (in years)	12 years 8 months 12 days
Outstanding Balance	$ 0
Weighted-average yield to maturity, commercial paper	5.30%
Weighted-average remaining maturity term, commercial paper	18 days
Commercial paper program | Unsecured senior line of credit
Debt Instrument [Line Items]
Fixed rate debt	$ 0
Variable-rate debt	0
Total Consolidated	$ 0
Percentage of Total	0%
Weighted Average Remaining Terms (in years)	5 years 1 month 6 days
Outstanding Balance	$ 0

Unsecured senior notes payable

Unsecured senior notes payable (Details) - USD ($) $ in Thousands	1 Months Ended
	Feb. 29, 2024	Dec. 31, 2024
Debt Instrument [Line Items]
Outstanding Balance		$ 12,325,181
Total issuance of unsecured senior notes in Feb 2024
Debt Instrument [Line Items]
Total issuance of unsecured senior notes	$ 1,000,000
Weighted Average Effective Interest Rate	5.48%
Weighted average maturity years	23 years 1 month 6 days
5.25% Unsecured Senior Notes Payable
Debt Instrument [Line Items]
Outstanding Balance	$ 400,000	$ 400,000
Stated interest rate (as a percent)	5.25%	5.25%
5.625% Unsecured Senior Notes Payable
Debt Instrument [Line Items]
Outstanding Balance	$ 600,000	$ 600,000
Stated interest rate (as a percent)	5.625%	5.625%

Line of credit and commercial p

Line of credit and commercial paper program (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2024	Jul. 31, 2023	Sep. 22, 2022
Debt Instrument [Line Items]
Long-term Debt		$ 12,244,374
Outstanding Balance		$ 12,325,181
Effective rate (as a percent)		3.86%
Unsecured senior line of credit
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity				$ 5,000,000
Debt Instrument, Basis Spread on Variable Rate		0.855%	0.875%
Annual facility fee (as a percent)		0.145%	0.15%
Debt Instrument, Interest Rate Adjustment Amount, Maximum						0.04%
Debt Instrument, Facility Fee Rate Adjustment Amount, Maximum						0.01%
Debt Instrument, Basis Spread on Variable Rate, Period Increase (Decrease)	0.02%
Line of Credit Facility, Commitment Fee Percentage, Period Increase (Decrease)	0.005%
Long-term Debt		$ 0
Commercial paper program
Debt Instrument [Line Items]
Commercial paper, maximum issuance					$ 2,500,000
Weighted-average yield to maturity, commercial paper		5.30%
Weighted-average remaining maturity term, commercial paper		18 days
Outstanding Balance		$ 0
Commercial paper program | Unsecured senior line of credit
Debt Instrument [Line Items]
Long-term Debt		$ 0
Maturity date		Jan. 22, 2030
Outstanding Balance		$ 0
Maximum | Commercial paper program
Debt Instrument [Line Items]
Debt Instrument, Term		397 days
Minimum | Commercial paper program
Debt Instrument [Line Items]
Debt Instrument, Term		30 days

Interest Expense Incurred (Deta

Interest Expense Incurred (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Interest Costs Incurred [Abstract]
Interest incurred	$ 516,799	$ 438,182	$ 372,848
Capitalized interest	(330,961)	(363,978)	(278,645)
Interest expense	$ 185,838	$ 74,204	$ 94,203

Accounts payable, accrued exp_3

Accounts payable, accrued expenses, and other liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accounts payable and accrued expenses	$ 534,803	$ 524,439
Accrued construction	500,890	606,333
Acquired below-market leases	180,407	322,040
Conditional asset retirement obligations	53,968	53,083
Deferred rent liabilities	11,461	15,183
Operating lease liability	507,127	382,883
Unearned rent and tenant security deposits	691,873	548,529
Other liabilities	173,822	158,453
Accounts Payable and Accrued Liabilities	$ 2,654,351	$ 2,610,943

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of basic and diluted EPS
Net income	$ 510,733	$ 280,994	$ 670,701
Net income attributable to noncontrolling interests	(187,784)	(177,355)	(149,041)
Net income attributable to unvested RSAs with nonforfeitable rights to dividends	(13,394)	(11,195)	(8,392)
Numerator for basic and diluted EPS – net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders	$ 309,555	$ 92,444	$ 513,268
Denominator for basic EPS – weighted-average shares of common stock outstanding	172,071	170,909	161,659
Incremental Common Shares Attributable to Dilutive Effect of Nonvested Shares with Forfeitable Dividends	0	0	0
Dilutive effect of forward equity sales agreements	0	0	0
Denominator for diluted EPS – weighted-average shares of common stock outstanding	172,071	170,909	161,659
Earnings per share attributable to Alexandria's common stockholders – basic and diluted:
Earnings per share - basic (USD per share)	$ 1.80	$ 0.54	$ 3.18
Earnings per share - diluted (USD per share)	$ 1.80	$ 0.54	$ 3.18

Income Tax (Details)

Income Tax (Details)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Minimum percentage of taxable income to be distributed	90%
Percent of taxable income, generally distributed as dividend	100%

Income Tax Treatment of Distrib

Income Tax Treatment of Distributions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Examination [Line Items]
Common stock dividends declared (per share)	$ 5.19	$ 4.96	$ 4.72
Common Stock
Income Tax Examination [Line Items]
Ordinary income	65.70%	87.80%	57.40%
Return of capital	1.60%	0%	0%
Capital gains at 25%	13.90%	0.20%	8.10%
Capital gains at 20%	18.80%	12%	34.50%
Total	100%	100%	100%

Reconciliation of net income to

Reconciliation of net income to taxable income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Net income	$ 510,733	$ 280,994	$ 670,701
Net income attributable to noncontrolling interests	$ (187,784)	(177,355)	(149,041)
Rental revenue recognition		134,778	(6,824)
Depreciation and amortization		331,322	225,319
Share-based compensation		73,320	45,656
Interest expense		(126,756)	(104,519)
Sales of property		7,784	(330,820)
Impairments		80,134	26,322
Non-real estate investments loss		209,092	369,021
Other		15,463	10,653
Taxable income before dividend deduction		828,776	756,468
Dividend deduction necessary to eliminate taxable income		(828,776)	(756,468)
Estimated income subject to federal income tax		0	0
Common stock and preferred stock distributions paid		$ 847,500	$ 757,700

Commitments and contingencies_2

Commitments and contingencies (Details) Lease in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) Lease	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Concentration Risk [Line Items]
Discretionary profit sharing contributions subject to statutory limitations	$ 7.8	$ 8.6	$ 8.7
Concentration of credit risk
Number of leases held | Lease	1
Commitments
Remaining aggregate costs under contracts, under terms of leases	$ 1,000
Letters of credit and performance obligations	29.5
Investment commitments	$ 399.2
Limited Partnership Maximum Expiration Terms	12 years
Weighted-average remaining liquidation term (in years)	5 years 3 months 18 days
Prepaid Rent, Current	$ 135
Minimum
Commitments
Expected period of payment obligation	1 year
Maximum
Commitments
Expected period of payment obligation	3 years
Investments in privately held entities that report NAV
Commitments
Weighted-average remaining liquidation term (in years)	8 years 2 months 12 days

Stockholders' equity - ATM comm

Stockholders' equity - ATM common stock offering program and forward equity sales agreements (Details) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended	12 Months Ended
	Jun. 25, 2024 USD ($) $ / shares shares	Jan. 27, 2025 shares $ / shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) shares $ / shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($)	Feb. 15, 2024 USD ($)
Class of Stock [Line Items]
Share Repurchase Program, Start Date				Dec. 09, 2024
Share Repurchase Program, Authorized, Amount			$ 500,000	$ 500,000
Share Repurchase Program, Expiration Date				Dec. 31, 2025
Proceeds from issuance of common stock				$ 27,103	$ 103,846	$ 2,346,444
Shares of common stock authorized | shares			400,000,000	400,000,000	400,000,000
Aggregate price on repurchase of Series D preferred stock, per share | $ / shares				$ 100.95
Share Repurchase Program, Remaining Authorized, Number of Shares | shares			449,900,000	449,900,000
Share Repurchase Program, Numbers of Share Repurchased | shares				496,276
Issuance of common stock				$ 27,103	$ 103,846	$ 2,346,444
Subsequent Event
Class of Stock [Line Items]
Aggregate price on repurchase of Series D preferred stock, per share | $ / shares		$ 97.26
Share Repurchase Program, Remaining Authorized, Number of Shares | shares		299,900,000
Share Repurchase Program, Numbers of Share Repurchased | shares		1,500,000
ATM Common Stock Offering Program Established February 2024
Class of Stock [Line Items]
Common Stock Value Available for Future Issuance (in dollars)			$ 1,470,000	$ 1,470,000			$ 1,500,000
Proceeds from issuance of common stock			$ 27,800
Average issue price per share | $ / shares			$ 120.93	$ 120.93
Issuance of common stock			$ 230
Forward Equity Sales Agreements Entered in June 2024 | ATM Common Stock Offering Program Established February 2024
Class of Stock [Line Items]
Proceeds from issuance of common stock	$ 28,000
Shares of common stock authorized | shares	230,000
Average issue price per share | $ / shares	$ 122.32

Stockholders' equity - Accumula

Stockholders' equity - Accumulated other comprehensive loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Stockholders' Equity Note [Abstract]
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	$ (30,356)	$ 4,916	$ (13,518)

Stockholders' equity (Details)

Stockholders' equity (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Stockholders' Equity Note [Abstract]
Shares of common stock authorized	400,000,000	400,000,000
Shares of common stock issued and outstanding	172,203,443	171,910,599
Shares of preferred stock authorized	100,000,000
Shares of preferred stock issued and outstanding	0
Number of "excess stock" authorized (in shares)	200,000,000
Number of excess stock authorized issued and outstanding (in shares)	0

Share-based compensation (Detai

Share-based compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Payment Arrangement, Noncash Expense [Abstract]
Total grant date fair value of stock awards vested	$ 129,449	$ 119,335	$ 109,557
Total gross compensation recognized for stock awards	118,439	139,675	104,424
Capitalized stock compensation	$ 58,805	$ 56,817	$ 46,684
Shares reserved for granting of future options and share awards	4,665,494
Vesting period	4 years
Fair value assumptions, expected term	3 years	3 years	2 years 9 months 18 days
Fair value assumptions, weighted average volatility rate (percent)	28.70%	32%	30%
Fair value assumptions, expected dividend rate (percent)	3.30%	2.80%	2.50%
Fair value assumptions, risk free interest rate (percent)	4.18%	4.22%	2.47%
Unrecognized compensation related to nonvested share awards	$ 177,200
Unrecognized compensation recognition period (in years)	4 years
Weighted average period recognition period for unrecognized compensation	20 months
Restricted Stock
Share-based Payment Arrangement, Noncash Expense [Abstract]
Holding period	1 year
Restricted Stock issued on or after March 23, 2018
Share-based Payment Arrangement, Noncash Expense [Abstract]
Decrease in share reserve for each restricted share issued (in shares)	1
Stock Award
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding, beginning balance (in shares)	2,754,161	2,087,521	1,823,460
Number of shares granted	615,192	1,522,058	1,032,731
Number of shares vested	(951,195)	(798,729)	(749,101)
Number of shares forfeited	(180,253)	(56,689)	(19,569)
Outstanding, ending balance (in shares)	2,237,905	2,754,161	2,087,521
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Weighed average grant date fair value per share, outstanding beginning balance	$ 127.34	$ 149.96	$ 150.89
Weighed average grant date fair value per share, granted	102.96	108.22	141.58
Weighed average grant date fair value per share, vested	136.09	149.41	146.25
Weighed average grant date fair value per share, forfeited	109.63	104.65	160.83
Weighed average grant date fair value per share, outstanding ending balance	$ 118.34	$ 127.34	$ 149.96

Noncontrolling interests (Detai

Noncontrolling interests (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Noncontrolling interests
Payments to Noncontrolling Interests	$ 308,636	$ 245,091	$ 192,171
Noncontrolling Interests
Noncontrolling interests
Number of real estate properties | property	67
Payments to Noncontrolling Interests	$ 256,700	$ 244,100

Segment Reporting (Details)

Segment Reporting (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) segment Rate	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment	1
Total revenues	$ 3,116,394	$ 2,885,699	$ 2,588,962
Rental operations	$ (909,265)	(859,180)	(783,153)
Canada
Segment Reporting Information [Line Items]
Percentage of total revenue and total assets to consolidated | Rate	1%
Corporate Segment
Segment Reporting Information [Line Items]
Number of Operating Segments | segment	7
Corporate Segment and Other Operating Segment
Segment Reporting Information [Line Items]
Number of Operating Segments | segment	9
Other Operating Segment
Segment Reporting Information [Line Items]
Number of Operating Segments | segment	2
Total revenues	$ 188,842	179,264	134,883
Rental operations	(78,007)	(95,480)	(87,927)
Reportable Segment, Aggregation before Other Operating Segment
Segment Reporting Information [Line Items]
Total revenues	2,927,552	2,706,435	2,454,079
Rental operations	(831,258)	(763,700)	(695,226)
Reportable segment net operating income (reportable segment profit or loss)	2,096,294	1,942,735	1,758,853
Income from rentals
Segment Reporting Information [Line Items]
Total revenues	3,049,706	2,842,456	2,576,040
Income from rentals | Reportable Segment, Aggregation before Other Operating Segment
Segment Reporting Information [Line Items]
Total revenues	2,897,524	2,685,027	2,443,865
Other income
Segment Reporting Information [Line Items]
Total revenues	66,688	43,243	12,922
Other income | Reportable Segment, Aggregation before Other Operating Segment
Segment Reporting Information [Line Items]
Total revenues	$ 30,028	$ 21,408	$ 10,214

Segment Reporting - Reconciliat

Segment Reporting - Reconciliation of Operating Profit (Loss) from Segments to Consolidated (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total revenues		$ 3,116,394	$ 2,885,699	$ 2,588,962
Rental operations		(909,265)	(859,180)	(783,153)
General and administrative		(168,359)	(199,354)	(177,278)
Interest		(185,838)	(74,204)	(94,203)
Depreciation and amortization		(1,202,380)	(1,093,473)	(1,002,146)
Impairment of real estate	$ (30,800)	(223,068)	(461,114)	(64,969)
Loss on early extinguishment of debt		0	0	(3,317)
Equity in earnings of unconsolidated real estate joint ventures		7,059	980	645
Investment loss		(53,122)	(195,397)	(331,758)
Gain on sales of real estate		129,312	277,037	537,918
Net income		510,733	280,994	670,701
Reportable Segment, Aggregation before Other Operating Segment
Segment Reporting Information [Line Items]
Total revenues		2,927,552	2,706,435	2,454,079
Rental operations		(831,258)	(763,700)	(695,226)
Reportable segment net operating income (reportable segment profit or loss)		2,096,294	1,942,735	1,758,853
Other Operating Segment
Segment Reporting Information [Line Items]
Total revenues		188,842	179,264	134,883
Rental operations		$ (78,007)	$ (95,480)	$ (87,927)

Segment Reporting - Reconcili_2

Segment Reporting - Reconciliation of Investment in Real Estate from Segment to Consolidated (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Investments in real estate	$ 32,110,039	$ 31,633,511
Reportable Segment, Aggregation before Other Operating Segment
Segment Reporting Information [Line Items]
Investments in real estate	30,393,144	29,810,981
Other Operating Segment
Segment Reporting Information [Line Items]
Investments in real estate	$ 1,716,895	$ 1,822,530

Subsequent events (Details)

Subsequent events (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Purchase Price	$ 248,699	$ 265,750	$ 2,877,861
Redeemable Noncontrolling Interests
Subsequent Event [Line Items]
Contributions from and sales of noncontrolling interests	$ 0	$ 35,250	$ 0

Schedule III - Consolidated F_2

Schedule III - Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation (Details) - USD ($) $ in Thousands		Dec. 31, 2024		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		$ 149,908
Initial Costs
Land		7,815,474
Buildings & Improvements		9,982,177
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		19,937,567
Total Costs
Land		7,815,474
Buildings & Improvements		29,919,744
Total		37,735,218	[1]	$ 36,618,530	$ 34,299,503	$ 28,751,910
Accumulated Depreciation		(5,625,179)	[2]	$ (4,985,019)	$ (4,354,063)	$ (3,771,241)
Net Cost Basis		32,110,039
Investment in Real Estate, Federal Income Tax Basis		37,200,000
Investment in real estate over cost basis of real estate for federal income tax purpose		$ 489,400
Maximum | Buildings and building improvements
Total Costs
Estimated useful life		40 years
Maximum | Land improvements
Total Costs
Estimated useful life		20 years
North America
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		$ 149,908
Initial Costs
Land		7,815,474
Buildings & Improvements		9,982,177
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		19,933,412
Total Costs
Land		7,815,474
Buildings & Improvements		29,915,589
Total	[1]	37,731,063
Accumulated Depreciation	[2]	(5,621,024)
Net Cost Basis		32,110,039
Alexandria Center at Kendall Square
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		558,885
Buildings & Improvements		783,224
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		1,792,818
Total Costs
Land		558,885
Buildings & Improvements		2,576,042
Total	[1]	3,134,927
Accumulated Depreciation	[2]	(465,409)
Net Cost Basis		2,669,518
Alexandria Center at One Kendall Square
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		405,164
Buildings & Improvements		576,213
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		1,200,230
Total Costs
Land		405,164
Buildings & Improvements		1,776,443
Total	[1]	2,181,607
Accumulated Depreciation	[2]	(289,414)
Net Cost Basis		1,892,193
Alexandria Technology Square
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		0
Buildings & Improvements		619,658
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		305,387
Total Costs
Land		0
Buildings & Improvements		925,045
Total	[1]	925,045
Accumulated Depreciation	[2]	(394,582)
Net Cost Basis		530,463
The Arsenal on the Charles
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		191,797
Buildings & Improvements		354,611
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		776,601
Total Costs
Land		191,797
Buildings & Improvements		1,131,212
Total	[1]	1,323,009
Accumulated Depreciation	[2]	(116,965)
Net Cost Basis		1,206,044
480 Arsenal Way and 446, 458, 500, and 550 Arsenal Way
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		149,321
Initial Costs
Land		164,658
Buildings & Improvements		24,464
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		431,701
Total Costs
Land		164,658
Buildings & Improvements		456,165
Total	[1]	620,823
Accumulated Depreciation	[2]	(85,681)
Net Cost Basis		535,142
Alexandria Center for Life Science - Fenway
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		912,016
Buildings & Improvements		617,552
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		797,446
Total Costs
Land		912,016
Buildings & Improvements		1,414,998
Total	[1]	2,327,014
Accumulated Depreciation	[2]	(91,870)
Net Cost Basis		2,235,144
285, 299, 307, and 345 Dorchester Avenue
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		264,554
Buildings & Improvements		0
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		22,917
Total Costs
Land		264,554
Buildings & Improvements		22,917
Total	[1]	287,471
Accumulated Depreciation	[2]	0
Net Cost Basis		287,471
5, 10, and 15 Necco Street
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		277,554
Buildings & Improvements		55,897
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		411,062
Total Costs
Land		277,554
Buildings & Improvements		466,959
Total	[1]	744,513
Accumulated Depreciation	[2]	(19,786)
Net Cost Basis		724,727
Alexandria Center for Life Science - Waltham
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		141,629
Buildings & Improvements		513,901
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		359,436
Total Costs
Land		141,629
Buildings & Improvements		873,337
Total	[1]	1,014,966
Accumulated Depreciation	[2]	(30,015)
Net Cost Basis		984,951
19, 215, 225, and 235 Presidential Way
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		32,136
Buildings & Improvements		118,391
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		29,014
Total Costs
Land		32,136
Buildings & Improvements		147,405
Total	[1]	179,541
Accumulated Depreciation	[2]	(36,009)
Net Cost Basis		143,532
Other - Greater Boston
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		156,221
Buildings & Improvements		187,205
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		89,097
Total Costs
Land		156,221
Buildings & Improvements		276,302
Total	[1]	432,523
Accumulated Depreciation	[2]	(5,331)
Net Cost Basis		427,192
Alexandria Center for Science and Technology - Mission Bay
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		213,014
Buildings & Improvements		218,556
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		703,020
Total Costs
Land		213,014
Buildings & Improvements		921,576
Total	[1]	1,134,590
Accumulated Depreciation	[2]	(252,874)
Net Cost Basis		881,716
Alexandria Technology Center - Gateway
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		193,004
Buildings & Improvements		364,078
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		763,530
Total Costs
Land		193,004
Buildings & Improvements		1,127,608
Total	[1]	1,320,612
Accumulated Depreciation	[2]	(209,196)
Net Cost Basis		1,111,416
Alexandria Center for Life Science – Millbrae
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		69,989
Buildings & Improvements		0
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		490,449
Total Costs
Land		69,989
Buildings & Improvements		490,449
Total	[1]	560,438
Accumulated Depreciation	[2]	0
Net Cost Basis		560,438
Alexandria Center for Advanced Technologies - South San Francisco
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		59,199
Buildings & Improvements		0
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		565,673
Total Costs
Land		59,199
Buildings & Improvements		565,673
Total	[1]	624,872
Accumulated Depreciation	[2]	(151,635)
Net Cost Basis		473,237
Alexandria Center for Advanced Technologies - Tanforan
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		330,154
Buildings & Improvements		51,145
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		80,707
Total Costs
Land		330,154
Buildings & Improvements		131,852
Total	[1]	462,006
Accumulated Depreciation	[2]	(17,465)
Net Cost Basis		444,541
Alexandria Center for Life Science - South San Francisco
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		32,245
Buildings & Improvements		1,287
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		487,452
Total Costs
Land		32,245
Buildings & Improvements		488,739
Total	[1]	520,984
Accumulated Depreciation	[2]	(167,608)
Net Cost Basis		353,376
500 Forbes Boulevard
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		35,596
Buildings & Improvements		69,091
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		23,748
Total Costs
Land		35,596
Buildings & Improvements		92,839
Total	[1]	128,435
Accumulated Depreciation	[2]	(38,068)
Net Cost Basis		90,367
Alexandria Center for Life Science - San Carlos
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		433,634
Buildings & Improvements		28,323
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		759,478
Total Costs
Land		433,634
Buildings & Improvements		787,801
Total	[1]	1,221,435
Accumulated Depreciation	[2]	(121,222)
Net Cost Basis		1,100,213
Alexandria Stanford Life Science District
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		0
Buildings & Improvements		599,401
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		113,748
Total Costs
Land		0
Buildings & Improvements		713,149
Total	[1]	713,149
Accumulated Depreciation	[2]	(117,277)
Net Cost Basis		595,872
3412, 3420, 3440, 3450, and 3460 Hillview Avenue
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		0
Buildings & Improvements		304,318
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		101,390
Total Costs
Land		0
Buildings & Improvements		405,708
Total	[1]	405,708
Accumulated Depreciation	[2]	(28,201)
Net Cost Basis		377,507
3825 and 3875 Fabian Way
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		194,424
Buildings & Improvements		54,519
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		24,262
Total Costs
Land		194,424
Buildings & Improvements		78,781
Total	[1]	273,205
Accumulated Depreciation	[2]	(13,885)
Net Cost Basis		259,320
2475 and 2625/2627/2631 Hanover Street and 1450 Page Mill Road
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		0
Buildings & Improvements		187,472
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		13,683
Total Costs
Land		0
Buildings & Improvements		201,155
Total	[1]	201,155
Accumulated Depreciation	[2]	(38,735)
Net Cost Basis		162,420
2100, 2200, 2300, and 2400 Geng Road
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		72,859
Buildings & Improvements		53,309
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		42,129
Total Costs
Land		72,859
Buildings & Improvements		95,438
Total	[1]	168,297
Accumulated Depreciation	[2]	(23,335)
Net Cost Basis		144,962
3350 West Bayshore Road
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		4,800
Buildings & Improvements		6,693
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		45,196
Total Costs
Land		4,800
Buildings & Improvements		51,889
Total	[1]	56,689
Accumulated Depreciation	[2]	(16,948)
Net Cost Basis		39,741
88 Bluxome Street
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		148,551
Buildings & Improvements		21,514
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		227,887
Total Costs
Land		148,551
Buildings & Improvements		249,401
Total	[1]	397,952
Accumulated Depreciation	[2]	(23,098)
Net Cost Basis		374,854
One Alexandria Square
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		140,318
Buildings & Improvements		161,293
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		948,146
Total Costs
Land		140,318
Buildings & Improvements		1,109,439
Total	[1]	1,249,757
Accumulated Depreciation	[2]	(274,785)
Net Cost Basis		974,972
ARE Torrey Ridge
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		22,124
Buildings & Improvements		152,840
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		109,164
Total Costs
Land		22,124
Buildings & Improvements		262,004
Total	[1]	284,128
Accumulated Depreciation	[2]	(80,763)
Net Cost Basis		203,365
ARE Nautilus
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		6,684
Buildings & Improvements		27,600
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		142,569
Total Costs
Land		6,684
Buildings & Improvements		170,169
Total	[1]	176,853
Accumulated Depreciation	[2]	(77,155)
Net Cost Basis		99,698
One Alexandria North
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		103,937
Buildings & Improvements		1,354
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		49,172
Total Costs
Land		103,937
Buildings & Improvements		50,526
Total	[1]	154,463
Accumulated Depreciation	[2]	(1,359)
Net Cost Basis		153,104
Campus Point by Alexandria
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		119,760
Buildings & Improvements		395,527
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		996,383
Total Costs
Land		119,760
Buildings & Improvements		1,391,910
Total	[1]	1,511,670
Accumulated Depreciation	[2]	(245,906)
Net Cost Basis		1,265,764
5200 Illumina Way
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		39,051
Buildings & Improvements		96,606
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		200,123
Total Costs
Land		39,051
Buildings & Improvements		296,729
Total	[1]	335,780
Accumulated Depreciation	[2]	(90,245)
Net Cost Basis		245,535
9625 Towne Centre Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		7,686
Buildings & Improvements		13,748
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		66,703
Total Costs
Land		7,686
Buildings & Improvements		80,451
Total	[1]	88,137
Accumulated Depreciation	[2]	(31,002)
Net Cost Basis		57,135
SD Tech by Alexandria
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		76,820
Buildings & Improvements		248,969
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		532,373
Total Costs
Land		76,820
Buildings & Improvements		781,342
Total	[1]	858,162
Accumulated Depreciation	[2]	(57,256)
Net Cost Basis		800,906
Sequence District by Alexandria
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		163,610
Buildings & Improvements		281,389
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		34,644
Total Costs
Land		163,610
Buildings & Improvements		316,033
Total	[1]	479,643
Accumulated Depreciation	[2]	(27,741)
Net Cost Basis		451,902
Pacific Technology Park
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		96,796
Buildings & Improvements		66,660
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		5,033
Total Costs
Land		96,796
Buildings & Improvements		71,693
Total	[1]	168,489
Accumulated Depreciation	[2]	(5,889)
Net Cost Basis		162,600
Summers Ridge Science Park
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		21,154
Buildings & Improvements		102,046
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		4,816
Total Costs
Land		21,154
Buildings & Improvements		106,862
Total	[1]	128,016
Accumulated Depreciation	[2]	(19,699)
Net Cost Basis		108,317
Scripps Science Park by Alexandria
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		35,420
Buildings & Improvements		43,767
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		85,252
Total Costs
Land		35,420
Buildings & Improvements		129,019
Total	[1]	164,439
Accumulated Depreciation	[2]	(9,419)
Net Cost Basis		155,020
ARE Portola
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		6,991
Buildings & Improvements		25,153
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		41,671
Total Costs
Land		6,991
Buildings & Improvements		66,824
Total	[1]	73,815
Accumulated Depreciation	[2]	(27,649)
Net Cost Basis		46,166
5810/5820 Nancy Ridge Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		3,492
Buildings & Improvements		18,285
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		33,648
Total Costs
Land		3,492
Buildings & Improvements		51,933
Total	[1]	55,425
Accumulated Depreciation	[2]	(22,090)
Net Cost Basis		33,335
9877 Waples Street
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		5,092
Buildings & Improvements		11,908
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		13,289
Total Costs
Land		5,092
Buildings & Improvements		25,197
Total	[1]	30,289
Accumulated Depreciation	[2]	(10,990)
Net Cost Basis		19,299
5871 Oberlin Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		1,349
Buildings & Improvements		8,016
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		20,610
Total Costs
Land		1,349
Buildings & Improvements		28,626
Total	[1]	29,975
Accumulated Depreciation	[2]	(6,058)
Net Cost Basis		23,917
3911, 3931, 3985, 4025, 4031, 4045, and 4075 Sorrento Valley Boulevard
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		18,177
Buildings & Improvements		42,723
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		44,918
Total Costs
Land		18,177
Buildings & Improvements		87,641
Total	[1]	105,818
Accumulated Depreciation	[2]	(44,128)
Net Cost Basis		61,690
11045 and 11055 Roselle Street
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		1,386
Buildings & Improvements		4,288
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		34,110
Total Costs
Land		1,386
Buildings & Improvements		38,398
Total	[1]	39,784
Accumulated Depreciation	[2]	(12,572)
Net Cost Basis		27,212
Other - San Diego
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		104,027
Buildings & Improvements		70,212
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		66,352
Total Costs
Land		104,027
Buildings & Improvements		136,564
Total	[1]	240,591
Accumulated Depreciation	[2]	(17,047)
Net Cost Basis		223,544
The Eastlake Life Science Campus by Alexandria
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		46,300
Buildings & Improvements		83,012
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		933,691
Total Costs
Land		46,300
Buildings & Improvements		1,016,703
Total	[1]	1,063,003
Accumulated Depreciation	[2]	(267,005)
Net Cost Basis		795,998
Alexandria Center for Life Science - South Lake Union
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		243,959
Buildings & Improvements		28,950
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		511,473
Total Costs
Land		243,959
Buildings & Improvements		540,423
Total	[1]	784,382
Accumulated Depreciation	[2]	(58,962)
Net Cost Basis		725,420
219 Terry Avenue North
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		1,819
Buildings & Improvements		2,302
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		23,127
Total Costs
Land		1,819
Buildings & Improvements		25,429
Total	[1]	27,248
Accumulated Depreciation	[2]	(11,598)
Net Cost Basis		15,650
1010 4th Avenue South
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		46,200
Buildings & Improvements		0
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		13,796
Total Costs
Land		46,200
Buildings & Improvements		13,796
Total	[1]	59,996
Accumulated Depreciation	[2]	0
Net Cost Basis		59,996
410 West Harrison/410 Elliott Avenue West
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		3,857
Buildings & Improvements		1,989
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		20,788
Total Costs
Land		3,857
Buildings & Improvements		22,777
Total	[1]	26,634
Accumulated Depreciation	[2]	(11,367)
Net Cost Basis		15,267
Alexandria Center for Advanced Technologies - Canyon Park
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		133,558
Buildings & Improvements		206,374
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		22,001
Total Costs
Land		133,558
Buildings & Improvements		228,375
Total	[1]	361,933
Accumulated Depreciation	[2]	(22,391)
Net Cost Basis		339,542
Alexandria Center for Advanced Technologies - Monte Villa Parkway
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		52,464
Buildings & Improvements		64,753
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		89,543
Total Costs
Land		52,464
Buildings & Improvements		154,296
Total	[1]	206,760
Accumulated Depreciation	[2]	(8,280)
Net Cost Basis		198,480
Other - Seattle
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		108,900
Buildings & Improvements		931
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		34,311
Total Costs
Land		108,900
Buildings & Improvements		35,242
Total	[1]	144,142
Accumulated Depreciation	[2]	(1,070)
Net Cost Basis		143,072
Alexandria Center for Life Science - Shady Grove
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		85,365
Buildings & Improvements		253,567
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		770,709
Total Costs
Land		85,365
Buildings & Improvements		1,024,276
Total	[1]	1,109,641
Accumulated Depreciation	[2]	(177,208)
Net Cost Basis		932,433
1330 Piccard Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		2,800
Buildings & Improvements		11,533
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		38,404
Total Costs
Land		2,800
Buildings & Improvements		49,937
Total	[1]	52,737
Accumulated Depreciation	[2]	(26,693)
Net Cost Basis		26,044
1405 Research Boulevard
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		899
Buildings & Improvements		21,946
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		16,056
Total Costs
Land		899
Buildings & Improvements		38,002
Total	[1]	38,901
Accumulated Depreciation	[2]	(20,386)
Net Cost Basis		18,515
1500 and 1550 East Gude Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		1,523
Buildings & Improvements		7,731
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		10,713
Total Costs
Land		1,523
Buildings & Improvements		18,444
Total	[1]	19,967
Accumulated Depreciation	[2]	(12,754)
Net Cost Basis		7,213
5 Research Place
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		1,466
Buildings & Improvements		5,708
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		31,457
Total Costs
Land		1,466
Buildings & Improvements		37,165
Total	[1]	38,631
Accumulated Depreciation	[2]	(20,626)
Net Cost Basis		18,005
5 Research Court
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		1,647
Buildings & Improvements		13,258
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		24,152
Total Costs
Land		1,647
Buildings & Improvements		37,410
Total	[1]	39,057
Accumulated Depreciation	[2]	(19,916)
Net Cost Basis		19,141
12301 Parklawn Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		1,476
Buildings & Improvements		7,267
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		1,741
Total Costs
Land		1,476
Buildings & Improvements		9,008
Total	[1]	10,484
Accumulated Depreciation	[2]	(4,767)
Net Cost Basis		5,717
Alexandria Technology Center - Gaithersburg I
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		20,980
Buildings & Improvements		121,952
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		63,723
Total Costs
Land		20,980
Buildings & Improvements		185,675
Total	[1]	206,655
Accumulated Depreciation	[2]	(65,594)
Net Cost Basis		141,061
Alexandria Technology Center - Gaithersburg II
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		17,134
Buildings & Improvements		67,825
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		110,446
Total Costs
Land		17,134
Buildings & Improvements		178,271
Total	[1]	195,405
Accumulated Depreciation	[2]	(54,029)
Net Cost Basis		141,376
20400 Century Boulevard
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		3,641
Buildings & Improvements		4,759
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		26,600
Total Costs
Land		3,641
Buildings & Improvements		31,359
Total	[1]	35,000
Accumulated Depreciation	[2]	(6,400)
Net Cost Basis		28,600
401 Professional Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		1,129
Buildings & Improvements		6,941
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		12,234
Total Costs
Land		1,129
Buildings & Improvements		19,175
Total	[1]	20,304
Accumulated Depreciation	[2]	(10,506)
Net Cost Basis		9,798
950 Wind River Lane
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		2,400
Buildings & Improvements		10,620
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		1,602
Total Costs
Land		2,400
Buildings & Improvements		12,222
Total	[1]	14,622
Accumulated Depreciation	[2]	(4,746)
Net Cost Basis		9,876
620 Professional Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		784
Buildings & Improvements		4,705
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		8,271
Total Costs
Land		784
Buildings & Improvements		12,976
Total	[1]	13,760
Accumulated Depreciation	[2]	(8,847)
Net Cost Basis		4,913
8000/9000/10000 Virginia Manor Road
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		0
Buildings & Improvements		13,679
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		12,054
Total Costs
Land		0
Buildings & Improvements		25,733
Total	[1]	25,733
Accumulated Depreciation	[2]	(14,302)
Net Cost Basis		11,431
Alexandria Center for Life Science - Durham
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		190,236
Buildings & Improvements		471,263
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		290,512
Total Costs
Land		190,236
Buildings & Improvements		761,775
Total	[1]	952,011
Accumulated Depreciation	[2]	(77,489)
Net Cost Basis		874,522
Alexandria Center for Advanced Technologies - Research Triangle
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		30,584
Buildings & Improvements		23,714
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		480,461
Total Costs
Land		30,584
Buildings & Improvements		504,175
Total	[1]	534,759
Accumulated Depreciation	[2]	(66,898)
Net Cost Basis		467,861
Alexandria Center for Sustainable Technologies
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		54,908
Buildings & Improvements		18,849
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		140,271
Total Costs
Land		54,908
Buildings & Improvements		159,120
Total	[1]	214,028
Accumulated Depreciation	[2]	(66,435)
Net Cost Basis		147,593
Alexandria Technology Center - Alston
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		1,430
Buildings & Improvements		17,482
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		35,264
Total Costs
Land		1,430
Buildings & Improvements		52,746
Total	[1]	54,176
Accumulated Depreciation	[2]	(30,051)
Net Cost Basis		24,125
Alexandria Innovation Center - Research Triangle
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		1,065
Buildings & Improvements		21,218
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		32,335
Total Costs
Land		1,065
Buildings & Improvements		53,553
Total	[1]	54,618
Accumulated Depreciation	[2]	(26,865)
Net Cost Basis		27,753
2525 East NC Highway 54
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		713
Buildings & Improvements		12,827
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		21,217
Total Costs
Land		713
Buildings & Improvements		34,044
Total	[1]	34,757
Accumulated Depreciation	[2]	(18,986)
Net Cost Basis		15,771
6101 Quadrangle Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		1,229
Buildings & Improvements		17,733
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		13,746
Total Costs
Land		1,229
Buildings & Improvements		31,479
Total	[1]	32,708
Accumulated Depreciation	[2]	(6,323)
Net Cost Basis		26,385
601 Keystone Park Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		785
Buildings & Improvements		11,546
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		16,517
Total Costs
Land		785
Buildings & Improvements		28,063
Total	[1]	28,848
Accumulated Depreciation	[2]	(10,183)
Net Cost Basis		18,665
Alexandria Center for NextGen Medicines
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		94,184
Buildings & Improvements		0
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		15,184
Total Costs
Land		94,184
Buildings & Improvements		15,184
Total	[1]	109,368
Accumulated Depreciation	[2]	0
Net Cost Basis		109,368
Alexandria Center for Life Science - New York City
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		0
Buildings & Improvements		0
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		1,145,948
Total Costs
Land		0
Buildings & Improvements		1,145,948
Total	[1]	1,145,948
Accumulated Depreciation	[2]	(328,535)
Net Cost Basis		817,413
Alexandria Center for Life Science - Long Island City
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		22,746
Buildings & Improvements		53,093
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		165,179
Total Costs
Land		22,746
Buildings & Improvements		218,272
Total	[1]	241,018
Accumulated Depreciation	[2]	(11,817)
Net Cost Basis		229,201
Intersection Campus
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		159,310
Buildings & Improvements		440,295
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		45,603
Total Costs
Land		159,310
Buildings & Improvements		485,898
Total	[1]	645,208
Accumulated Depreciation	[2]	(38,942)
Net Cost Basis		606,266
1020 Red River Street and 1001 Trinity Street
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		66,451
Buildings & Improvements		61,732
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		2,964
Total Costs
Land		66,451
Buildings & Improvements		64,696
Total	[1]	131,147
Accumulated Depreciation	[2]	(20,008)
Net Cost Basis		111,139
Alexandria Center for Advanced Technologies at The Woodlands
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		2,116
Buildings & Improvements		9,784
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		133,579
Total Costs
Land		2,116
Buildings & Improvements		143,363
Total	[1]	145,479
Accumulated Depreciation	[2]	(3,199)
Net Cost Basis		142,280
Other - Texas
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		44,217
Buildings & Improvements		0
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		12,580
Total Costs
Land		44,217
Buildings & Improvements		12,580
Total	[1]	56,797
Accumulated Depreciation	[2]	0
Net Cost Basis		56,797
Canada
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		75,225
Buildings & Improvements		163,161
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		114,376
Total Costs
Land		75,225
Buildings & Improvements		277,537
Total	[1]	352,762
Accumulated Depreciation	[2]	(31,304)
Net Cost Basis		321,458
Various
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		587
Initial Costs
Land		426,017
Buildings & Improvements		136,472
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		403,747
Total Costs
Land		426,017
Buildings & Improvements		540,219
Total	[1]	966,236
Accumulated Depreciation	[2]	(240,180)
Net Cost Basis		726,056
China
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		0
Buildings & Improvements		0
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		4,155
Total Costs
Land		0
Buildings & Improvements		4,155
Total	[1]	4,155
Accumulated Depreciation	[2]	(4,155)
Net Cost Basis		$ 0
[1] As of December 31, 2024 , the total cost of our real estate assets aggregated $37.7 billion , which exceeded the cost of real estate for federal income tax purposes aggregating $37.2 billion by approximately $489.4 million . The depreciable life is up to 40 years for buildings and building improvements, up to 20 years for land improvements, and the term of the respective lease for tenant improvements.

Schedule III - Consolidated F_3

Schedule III - Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024		Dec. 31, 2023	Dec. 31, 2022
Rental Properties and Current, Near-Term and Future Value-Creation Projects
Balance at beginning of period	$ 36,618,530		$ 34,299,503	$ 28,751,910
Acquisitions (including real estate, land, and joint venture consolidation)	248,378		296,694	2,722,214
Additions to real estate	2,368,086		3,107,612	3,388,478
Deductions (including dispositions and direct financing leases)	(1,499,776)		(1,085,279)	(563,099)
Balance at end of period	37,735,218	[1]	36,618,530	34,299,503
Accumulated Depreciation
Balance at beginning of period	4,985,019		4,354,063	3,771,241
Depreciation expense on properties	996,550		841,893	751,584
Sale of properties	(356,390)		(210,937)	(168,762)
Balance at end of period	$ 5,625,179	[2]	$ 4,985,019	$ 4,354,063
[1] As of December 31, 2024 , the total cost of our real estate assets aggregated $37.7 billion , which exceeded the cost of real estate for federal income tax purposes aggregating $37.2 billion by approximately $489.4 million . The depreciable life is up to 40 years for buildings and building improvements, up to 20 years for land improvements, and the term of the respective lease for tenant improvements.